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【Thailand’s Supreme Court formally classifies Bitcoin as property in the legal sense】

Thailand’s Supreme Court recently held in a criminal case that Bitcoin has economic value, as it can be held, traded, and exchanged for cash, and may be regarded as property in the legal sense. In a recent case, the victim converted 50000 USD into Bitcoin and transferred it to a criminal group. The issue was whether Bitcoin existing electronically could constitute an object of property infringement in a criminal offense. The judgment No. 4929/2569 issued by the full bench of Thailand’s Supreme Court held that Bitcoin has market value, can be bought and sold, and can be exchanged for cash when there is a buyer; the public can hold and control it. Therefore, the Bitcoin transferred by the victim was not intangible and valueless data, but property that could constitute the object of a property crime. It should be noted that, in this criminal case, the Thai court confirmed that Bitcoin may constitute property protected by law and potentially subject to criminal infringement, rather than confirming that it has legal tender status like the Thai baht.