SINGAPORE Law and Practice Contributed by: Sim Bock Eng, Josephine Choo, Aw Wen Ni and Vincent Ho, WongPartnership LLP
the person’s lifetime or through the person’s will upon their death. It is also common for transferors to rely on the pre - sumption of survivorship in relation to jointly held assets. By placing assets in the joint names of the transferor and the transferee, a transferor may assert control and ownership of the asset in their lifetime, yet allow for such jointly held asset to be transferred to the survivor upon the transferor’s death. While simple, jointly held assets have given rise to substantial litiga - tion in Singapore, as the operation of the presumption of survivorship is very much dependent on the inten - tion of the parties (for example, see Lim Chen Yeow Kelvin v Goh Chin Peng [2008] SGHC 119; Estate of Yang Chun (Mrs) née Sun Hui Min, deceased v Yang Chia-Yin [2019] SGHC 152; Chye Seng Kait v Chye Seng Fong (executor and trustee of the estate of Chye You, deceased) [2021] 2 SLR 1131; and Khoo Phaik Ean Patricia and anor v Khoo Phaik Eng Katherine and others [2025] 1 SLR 758). 2.7 Transfer of Assets: Digital Assets In a series of recent cases, the Singapore courts have confirmed that digital assets, such as cryptocurren - cies and non-fungible tokens (NFTs), constitute prop - erty, with the following examples: • in CLM v CLN and others [2022] SGHC 46, the High Court granted an interim proprietary injunc - tion over Bitcoin and Ethereum; • in Janesh s/o Rajkumar v Unknown Person (“Chef Pierre”) [2022] SGHC 264, the High Court granted an interim proprietary injunction over an NFT; • in Cheong Jun Yoong v Three Arrows Capital Ltd and others [2024] 4 SLR 907, the High Court decided that the location of a crypto-asset is best determined by looking at where it is controlled; and • in Fantom Foundation Ltd v Multichain Foundation Ltd and anor [2024] SGHC 173, the High Court considered the methods for the valuation of cryp - tocurrencies in the context of an assessment of damages in a claim involving cryptocurrencies. In Bybit Fintch Ltd v Ho Kai Xin [2023] SGHC 199 at [29], the High Court confirmed that it is possible for crypto-assets to be held on trust. In the Singapore Rules of Court 2021, cryptocurrency or other digital
currency have been expressly recognised as a form of property capable of being the subject matter of an enforcement order (see Order 22). In Rio Christofle v Malcolm Tan Chun Chuen [2023] SGHC 66, the High Court concluded that the bona fide buying and selling of cryptocurrency while not carrying on a business of providing any type of pay - ment service is not a contravention of licensing provi - sions under the Payment Services Act 2019. While further guidance from the Singapore courts in relation to digital assets will still be needed, the general approach taken in relation to digital assets in Singapore is that they are dealt with depending on whether they are IP rights, contractual rights or prop - erty rights. As such types of properties, digital assets can form the subject matter for wealth and succession planning, and be dealt with accordingly. The transfer of digital assets does not usually attract stamp duties or transfer costs. In the context of succession planning, with the grow - ing prevalence and significance of digital assets such as cryptocurrencies, NFTs or other tokenised assets, there is an increasing need to include these in wills and other succession structures. 3. Trusts, Foundations and Similar Entities 3.1 Types of Trusts, Foundations or Similar Entities The prevalent structure in tax, wealth or succession planning in Singapore is the trust. This can be revo - cable or irrevocable, discretionary or fixed interest, depending on the objectives to be achieved. Other structures are available in Singapore, including a company limited by guarantee (CLG), a limited liability partnership and fund structures. CLGs have members (instead of shareholders), whose liability is limited to a fixed sum of money in the event the company is wound up; this structure tends to be used for charitable objects. Limited liability partner - ships have a separate legal personality from their part - ners, whose liability is limited to their contributions;
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