UK lawmakers classify crypto as property

posted 6 months ago
Britain’s crypto industry was given a boost yesterday when a panel of lawmakers classified digital assets as property. The move clears a path for businesses to start utilizing cryptoassets and blockchain technology. The legal statement took significant steps to address uncertainty around cryptoassets and their underlying technologies.

Leader of the UK law panel, Senior High Court Judge Sir Geoffrey Vos said “The answers to those legal questions will provide a dependable foundation for the mainstream utilisation of cryptoassets and smart legal contracts… novel or distinctive features possessed by some crypto-assets — intangibility, cryptographic authentication, use of a distributed transaction ledger, decentralisation, rule by consensus — do not disqualify them from being property.”
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