According to a report released by law firm Hogan Lovells, the Hong Kong District Court in the Gatecoin-related case defined cryptocurrencies as property that assets can be held in trust.
In previous news, Gatecoin, a Hong Kong-based cryptocurrency trading platform, announced in 2019 that it would shut down and begin liquidation. The plaintiff company in this case is trying to recover disputed funds from a former Gatecoin payment service provider.