SINGAPORE Law and Practice Contributed by: Jansen Chow and Ang Leong Hao, Rajah & Tann Singapore
proprietary injunction. The Court also granted a world - wide freezing injunction against defendants who alleg - edly stole cryptocurrencies, even though their identi - ties were unknown and disclosure orders against the relevant cryptocurrency exchanges to assist in tracing the stolen assets. This decision should have implications for cryptocur - rency exchanges operating in Singapore as they may now be served with disclosure orders to disclose infor - mation relating to user accounts and freezing injunc - tions to freeze cryptocurrency held in user accounts, notwithstanding any contractual terms between an exchange and its users.
Crypto-assets have also been held to be capable of being held on trust and can constitute debt in some winding-up applications. The Court has also clarified that the situs of crypto assets is the location where they are controlled, as in where the person who con - trols the private key resides.
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