Since 2021, transactions involving Non-Fungible Tokens ("NFT") have seen a rise in popularity. NFT is the flavour of the month and people have taken full advantage of this so called NFT-bubble.
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The Malaysian courts have recognised cryptocurrency as a
security and a commodity. In the case of
Luno Pte Ltd
& Another v Robert Ong Thien Cheng (Civil Suit No.
BA-B52NCVC-389-12/2017), the Shah Alam Sessions Court held that
cryptocurrency falls within the ambit of anything under
Section 73 of the Contracts Act 1950 ( CA 1950 ) as
cryptocurrency is a form of commodity with an attached value. On
appeal, the Shah Alam High Court, in
Robert Ong Thien
Cheng v Luno Pte & Another (Civil Appeal No.
12BNCVC-91-10-2018), upheld the Sessions Court s ruling.