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SG rules: NFT can be considered property

The Singapore High Court has ruled that non-fungible tokens (NFTs) can be considered as property as long as they fulfil certain legal requirements. Justice Lee Seiu Kin had issued the grounds to explain why he had granted an injunction in May to stop any potential sale and ownership transfer of an NFT. The injunction granted by Justice Lee is said to be the first in Asia. It is also reportedly the first globally for a purely commercial dispute. It was sought by Janesh Rajkumar, a Singaporean, to protect an NFT known as Bored Ape Yacht Club (BAYC) No. 2162. Withers KhattarWong lawyer Shaun Leong, who leads the team that represents Janesh, said the court’s decision paves the way to reinforce Singapore’s status as a legal and blockchain hub.

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