The UK Court of Appeal has ruled that virtual currency gold from the popular online game RuneScape qualifies as tangible property, delivering a landmark judgment in a theft case involving a former Jagex employee. The individual was accused of stealing over 700 billion units of virtual gold and selling them for approximately $750,000 in cryptocurrency and fiat currency. RuneScape is a widely played multiplayer online role-playing game where players collect gold and other items within a virtual economy that influences real-world value and can be exchanged for actual money. This ruling is significant as it legally recognizes virtual currency as property, thereby strengthening protections against theft and fraud in the digital asset space. The case originated after Jagex initiated legal action against the ex-employee for unauthorized removal of virtual gold from the company’s systems. The court’s decision paves the way for enhanced legal recourse concerning virtual currency theft and clarifies ownership and valuation issues related to digital assets. Going forward, the ruling may bolster legal and financial safeguards in online gaming and virtual currency sectors, although the inherent uncertainties surrounding virtual currencies remain a challenge that legal experts and regulators continue to address.
Source: decrypt
