SINGAPORE: Crypto-assets and NFTs may now be classed as matrimonial assets

Two recent decisions by the Singapore High Court have recognised digital assets as property and subject to proprietary injunctions. This has sparked interest in the legal industry as to how digital assets are treated in Singapore and Hong Kong family law. In Singapore, only matrimonial assets are subject to division post-divorce. The term “matrimonial asset” is defined as any asset of any nature acquired during the marriage. The definition does not use the word “property” and thus does not need to satisfy the requirements that need to be met before a thing can be considered “property”. The Family Court in Singapore has also divided choses in action and stock options that have not yet been vested as matrimonial assets. Digital assets are widely accepted in Singapore family law as matrimonial assets that can be divided. In Hong Kong, digital assets will definitely need to be disclosed as part of a party’s worldwide assets for distribution. The challenges of disclosure and valuation of digital assets can be solved with specialist experts.

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