Britain’s crypto industry got a boost after the lawmakers in the country classified them as property. The US lawmakers still have not classified cryptocurrencies as property or security. According to UK lawmakers, digital assets have all the signs of property.
Crypto legally equivalent of property in the UK.
A panel, led by the senior High Court judge Sir Geoffrey Vos, issued a legal statement yesterday to clarify uncertainties surrounding digital assets and their underlying technologies. According to reports, novel or distinctive features possessed by some crypto-assets like cryptographic authentication, intangibility, and use of blockchain technology, decentrlaization, and rule by consensus do not disqualify them from being property.
Lawmakers stated that crypto assets have all of the indicia of property, which would grant them a similar legal standing as to any other property.
The crypto community welcomes the decision.
The decision of the UK lawmakers to clarify cryptocurrency as property has given them some legal certainty, unlike other countries. The crypto community has welcomed this decision. The UK Jurisdiction Taskforce of the Lawtech Deliver Panel published a 46-page report statin that crypto-assets can be treated in principle as property and smart contracts are capable of satisfying the requirements of contracts under English law.