Bitcoin as "Movable Property": Criminal Cassation No. 20138 of 2025 on Embezzlement

The rapid development of cryptocurrencies constantly poses new challenges to the law, calling jurisprudence to interpret and apply traditional rules to unprecedented digital realities. Ruling No. 20138 of 2025 by the Court of Cassation, filed on May 29, 2025, represents a fundamental turning point in this landscape. With this decision, presided over by Dr. V. G. and reported by Dr. N. G., the Supreme Court has clarified the legal nature of Bitcoins for criminal purposes, classifying them as "movable property" and, consequently, making them subject to the crime of embezzlement. But what are the implications of this historic decision for the world of crypto-assets?

The Specific Case: The Unreturned Bitcoin in the E-wallet

The case that led to this important decision is paradigmatic: an injured party had transferred possession of the computer data relating to their Bitcoin to the e-wallet of a subject, the defendant U. The latter had been tasked with investing the cryptocurrency in a subsequent economic operation. However, the defendant not only failed to fulfill the task but, despite repeated requests, never returned the Bitcoin. The Court of Appeal of Milan had already rejected the defense, and the Cassation Court has now confirmed and crystallized the legal principle.

The Cassation's Ruling: Bitcoin as "Movable Property"

The core of the ruling lies in the precise legal classification of Bitcoin. The Cassation Court, with a decision destined to set a precedent, established that:

The definitive misappropriation of the crypto-asset "bitcoin," classifiable as movable property for the purposes of criminal law, as computer data representing a "digital" value or right that is transferable and electronically storable, constitutes the crime of embezzlement. (Case in which the injured party had transferred possession of the computer data relating to their "bitcoin" to the e-wallet of the defendant who, tasked with investing it in a subsequent economic operation, had not done so and, despite repeated requests, had not returned it).

This ruling is of extraordinary relevance. The Supreme Court, Section 2, has unequivocally equated Bitcoin to "movable property" for the application of Article 646 of the Criminal Code, which sanctions embezzlement. The reasoning is based on the fact that Bitcoin, although immaterial in the traditional sense, is "computer data" that "represents a digital value or right" and is "transferable and electronically storable." This means that, while not a physical object, it possesses all the functional characteristics of an asset that can be misappropriated and illicitly disposed of. The decision is part of a jurisprudential path that, already with rulings such as No. 27023 of 2022, began to recognize criminal protection for computer data, now explicitly extended to cryptocurrencies. Cited legislative references include art. 646 c.p. and European regulations such as EU Regulation 31/05/2023 No. 1114, outlining an increasingly defined legal framework for crypto-assets.

Implications for Investors and Operators

The consequences of this ruling are profound for anyone operating in the cryptocurrency sector:

• Greater Criminal Protection: Bitcoin holders now enjoy explicit protection against unlawful appropriation, comparable to that of tangible assets.
• Legal Clarity: Much of the interpretative uncertainty regarding the legal nature of cryptocurrencies in criminal matters is removed.
• Enhanced Responsibility: Those who manage Bitcoin belonging to others, for any reason, must act with extreme diligence, aware of the serious criminal consequences in case of misappropriation.

This ruling is a strong signal: the law is rapidly adapting to new forms of digital wealth, ensuring that even in the virtual world, illicit conduct will find an adequate response.

Conclusions: A Beacon in the Digital Jungle

Ruling No. 20138 of 2025 by the Court of Cassation represents a pivotal moment for Italian criminal law and for the recognition of cryptocurrencies. By recognizing Bitcoin as "movable property" for the purposes of embezzlement, the Supreme Court has provided an essential tool for the protection of digital assets, filling a gap that generated uncertainty. This decision not only strengthens investor protection but also reiterates that illicit conduct, even if committed in the virtual world, cannot escape justice. Our Law Firm is available for further discussion and consultation on these complex matters, offering qualified assistance in criminal law and new technologies law.