The Singapore High Court ruled that the NFTs they can be considered a form of ownership.
On October 21, 2022, Judge Lee Seiu Kin has established that NFTs and digital assets meet certain legal requirements, such as being distinguishable from other assets of the same type or others, as well as having an owner who can be recognized by third parties.
This ruling came after the Singapore High Court issued an injunction on May 13, 2022 to stop the sale and transfer of ownership of a Bored Ape No. 2162 formerly owned by Janesh Rajkumar of Singapore.
According to court records, Janesh Rajkumar is trying to regain possession of the NFT, which was used as collateral for a loan from an anonymous NFT collector called "chefpierre", who remains absent and unrepresented in the court documents.
Although the applicant claimed that he had purchased the NFT with the intention of keeping it for himself, he had also often used it as collateral to borrow cryptocurrencies on the NFT lending platform, NFTfi.
Previous court documents stated that the applicant had successfully used the NFT guarantee for multiple loans and repaid them. He specified in the loan agreements that he was unwilling to relinquish ownership of the NFT and would repay the loan in full to reclaim it.
After failing to pay "chefpierre" at the appointed time, the plaintiff asked for an extension, with the lender offering to refinance the loan and the plaintiff agreed.
Judge Lee approved the plaintiff's request to submit the “chefpierre” court documents via Twitter, Discord and the “chefpierre” crypto wallet address.
The ruling could set a precedent for NFTs to be recognized as property in a court and pave the way for Singapore to further reclaim its position as a hub blockchain.
Staff BlogInnovazione.it
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