Thailand's Supreme Court rules bitcoin is property

A man convicted of helping robbers take about $50,000 in crypto asked Thailand’s Supreme Court to overturn his conviction. It refused. The court upheld his 10-year sentence and said bitcoin counts as property. The robbery happened on Koh Samui. CoinDesk reported the ruling on October 29.

The court gave practical reasons. Bitcoin has a market price. It can be cashed out. The public can hold it. BigGo Finance reports that gives crypto holdings legal protection in disputes over theft, bankruptcy and inheritance. Property is not money, though. The court did not recognize bitcoin as currency, and crypto still isn’t officially money in Thailand.

Keep reading — what to watch

Will other Thai courts follow? Crypto Briefing calls the ruling a binding precedent for crypto crimes. That is one outlet’s description. Watch whether lower courts apply it, and whether it reaches bankruptcy and inheritance cases.