Industry has welcomed a new ruling on crypto assets, which
defines them as property under English and Welsh law.
The ruling, delivered by the UK Jurisdiction Taskforce of
the Lawtech Delivery Panel, addresses legal uncertainty by
recognising crypto assets as tradeable property and smart
contracts as enforceable agreements under English law.
"Property rights are some of the most defined around the
world," said Dele Atanda, founder of digital assets company,
METAme. "Thus, the UK ruling offers stability for those wishing
to engage with crypto."
He felt that the property definition opened up innovation
opportunities. "It allows for a standard to be set, that could
transcend to other emerging industries such as data ownership
and data sovereignty."
The ruling has been welcomed in the UK and beyond.
"The legal statement will give market participants and
investors the certainty they need to innovate at the cutting
edge of this new technology and...