The Singapore High Court justice has stated that NFTs meet several legal requirements to be classified as property.
The Bored Ape Yacht Club / Image credit: 123RF
This court ruling came after a claim by Singapore citizen Janesh Rajkumar, who used his Bored Ape NFT as collateral after being lent cryptocurrency by an unidentified lender named “chefpierre” on the NFTfi platform. Rajkumar had done this multiple times before without any complaints.
However, after failing to repay the loan on the agreed date, Rajkumar made an extension agreement with the lender. Regardless, the loanee foreclosed, and the NFT was released into their cryptocurrency wallet.
Rajkumar then applied for a request to serve papers for repossession to chefpierre through their crypto wallet address, Twitter, and Discord, which the justice approved.
This is the first court ruling of its kind in Asia, paving the way for legal acknowledgment and protection of digital assets.
See also: National Gallery Singapore dabbles in blockchain and NFTs
Editing by Miguel Cordon
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