A pivotal case concerning digital assets in the Dubai International Financial Centre (DIFC) Courts has contributed to defining the legal status of cryptocurrencies such as Bitcoin.
The DIFC Courts issued a ruling in this prominent case, which involved the loss of 300 Bitcoin.
In the main judgment, Justice Michael Black stated that cryptocurrencies are considered a “third class of property”. He also explained that they can be owned and transferred through control, similar to possession.
Significant DIFC cryptocurrency ruling
The ruling tackled crucial issues such as the classification of cryptocurrencies as property and the determination of control over them.
It provided definitions for key cryptocurrency terms to guide the industry. Charles Russell Speechlys represented the successful appellants in this case.
Sara Sheffield, Partner and Head of Offshore Litigation (DIFC & ADGM) at Charles Russell Speechlys, expressed, “I am pleased for our clients, whose determination and persistence have led to this significant judgment, providing clarity not only for the law in the DIFC but also for the broader digital assets community.”
Max Davies, Legal Director, commented, “It is uncommon to work on a case that resolves vital legal questions with global impact. We are honoured to have addressed these issues with our clients.”
Max Davies, Legal Director at Charles Russell Speechlys, added, “It is very rare to have the chance to work on a case that resolves important legal questions with global implications. It has been a privilege to be part of the team addressing these issues and to have collaborated with our clients to achieve this outcome for them.”
