In recent regulatory news, a Shenzhen court has ruled in favor of protecting an “equity transfer agreement” involving bitcoin, the judge presiding over a class action lawsuit against Coinbase has granted a motion to dismiss, and an Australian woman has been arrested for stealing 100,000 XRP following a 10-month investigation.
Also Read: Regulations Roundup: SEC Considers Crypto Fund Criteria, South Korea Warns Investors
Shenzhen Court Purportedly Recognizes Bitcoin “Equity Transfer Agreement”
Chinese media has reported that a recent decision by the Shenzhen Court of International Arbitration has ruled in favor of protecting an “equity transfer agreement” involving bitcoin cash, bitcoin core, and bitcoin diamond.
Weixin reports that although “China has not clearly defined the concept, legal attributes, and delivery of bitcoin based on blockchain technology at the legal and administrative level … at present … the arbitral tribunal affirmed the property attributes of bitcoin in accordance with the provisions of the General Principles of the Civil Law, the ‘Contract Law’ and the contractual agreement, and the principle of good faith and the arbitration concept of respecting party autonomy.”
The court also found that the current lack of legal recognition of bitcoin as a currency in China “does not prevent it from being protected by law as a property.” The ruling has come less than a week after Xinhua News Agency reported that the Futian District People’s Court of Shenzhen had ruled that cryptocurrency investments are not protected by law.