Giulia
Fri Jun 07 2024
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5 answers
880
Is USDT legal in Singapore?｜. In a pioneering decision in the common law, the Singapore High Court has held that Tether (a type of cryptocurrency known as fiat-backed stablecoin, pegged to the US dollar and also known as USDT) is property - specifically a chose in action.SINGAPORE COURT HOLDS THAT USDT IS PROPERTY CAPABLE OF BEING HELD ON TRUST
Could you please elaborate on the legality of USDT in Singapore? The Singapore High Court's recent ruling characterizes Tether, a fiat-backed stablecoin pegged to the US dollar, as property capable of being held on trust. Does this ruling imply that USDT is now considered legal tender in Singapore? Or does it simply classify it as a type of asset that can be held in trust? I'm curious to know how this decision affects the regulatory status of USDT in Singapore and whether it opens up new opportunities for cryptocurrency transactions within the country.
