UK crypto ruling excites industry, despite lacking legal clout

Author: Jimmie Franklin | Published: 28 Nov 2019

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...