A landmark digital assets case in the Dubai International Financial Centre (DIFC) Courts has helped establish how cryptocurrencies like Bitcoin are treated under the law.
The DIFC Courts ruled in the high-profile case, which centred on the loss of 300 Bitcoin.
In the leading judgment, Justice Michael Black confirmed that cryptocurrencies are a “third class of property”. He also clarified that they can be owned and transferred through control, similar to possession.
Landmark DIFC cryptocurrency judgment
The judgment addressed key issues like whether cryptocurrencies are property and who has control over them.
It defined important cryptocurrency terms to offer guidance for the industry. Charles Russell Speechlys represented the successful appellants in the case.
“I am delighted for our clients, whose determination and perseverance has paved the way for this important judgment, which offers clarity not only as to the law in the DIFC, but to the wider digital assets community,” Sara Sheffield, Partner and Head of Offshore Litigation (DIFC & ADGM) at Charles Russell Speechlys said.
Legal Director Max Davies said “It is rare to work on a case that establishes answers to important legal questions that will resonate globally. We are privileged to have grappled with these issues alongside our clients.”
“It is very rare to have the opportunity to work on a case that establishes the answers to important legal questions that will reverberate around the world. It is a privilege to have been part of the team grappling with these issues and to have worked alongside our clients to achieve this result for them,” Max Davies, Legal Director at Charles Russell Speechlys added.
Follow us on
