The legal system has taken some time to come to grips with
crypto currency, and other digital assets, but cases over the last
12 months have shown that it is just like other forms of intangible
property (debts, shares, IP rights).
This means understanding that if you are dealing with questions
of property or asset holdings in legal or financial matters you
certainly need to include crypto currency in the mix.
The latest legal consideration
The legal status of cryptocurrency in Australia remains an
emerging area. In the recent case of Re Blockchain Tech Pty Ltd
[2024] VSC 690, the Supreme Court of Victoria held that
cryptocurrency is property, specifically a chose in action
(Intangible rights enforceable by legal action, such as debts,
shares, or intellectual property rights).
