Thailand’s Supreme Court has ruled that Bitcoin (BTC) qualifies as a person’s property.
The ruling provides an important legal designation for the largest cryptocurrency and was made in a case related to theft of the digital asset.
The Thai Supreme Court rejected a defendant’s argument that cryptocurrencies have no value, and ruled instead that Bitcoin and other digital assets should be viewed as personal property.
The case involved a victim forced to exchange $50,000 U.S. for 2.48 Bitcoin and transfer it to criminals. At the time, Bitcoin was trading at $20,000 U.S.
The dispute turned on whether the cryptocurrency could count as property stolen in a robbery. The Supreme Court sided with the victim and ruled that Bitcoin is a person’s property.
In the case, criminals confronted the victim and his wife at a coffee shop, threatened the family’s safety, and assaulted them before forcing the Bitcoin transfer.
In making its ruling, the Thai Supreme Court upheld a 10-year prison sentence for the attackers in the case. A lower court ordered the Bitcoin returned to the victim.
The Supreme Court ruling is expected to set a legal precedent in Thailand and elsewhere in Asia, and provide new legal safeguards for people who own Bitcoin.
BTC is trading at $80,000 U.S. on Oct. 29.
