The Law of Cryptoassets is the Law of the Horse

Abstract

The High Court of New Zealand, in Ruscoe and Moore v Cryptopia Limited (In Liquidation) had to decide an interesting question about whether cryptocurrencies traded on the exchange in this case have the legal status of property. If yes, there was also a subsequent question about whether such property is capable of being the subject matter of a trust. The court decided in the affirmative with regard to both these questions. This comment will focus on the former issue. After a discussion of the judgement inasmuch as the legal status of cryptoassets is concerned, this case comment will consider the implications of the decision and highlight some future areas of interest.