The trial for Singapore's first legal dispute involving the cryptocurrency bitcoin started yesterday, with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed - leading to proceeds being deducted without authorisation.

In the case being heard in the Singapore International Commercial Court, electronic market maker B2C2 is suing cryptocurrency exchange operator Quoine over a "unilateral reversal" of seven orders on its platform. A market maker buys and sells financial instruments, hoping to profit on the bid-offer spreads.