CRYPTOCURRENCIES ARE PROPERTY AND CAPABLE OF ENFORCEMENT: UK TASKFORCE CONFIRMS

On 22nd November, a briefing from HFW is concerned with what has been described as a “watershed” development, a report from the UK Jurisdiction Taskforce (UKJT) which confirms English law will view cryptocurrencies as “property” and therefore capable of enforcement by the English courts.  English law will recognise cryptoassets as “property” and smart contracts as having “contractual force”.  This is said to represent a culmination of recent international developments and illustrates the ability of the English legal system to adapt to emerging technologies, and will be highly persuasive in future litigation.

http://www.hfw.com/Cryptocurrencies-are-Property-and-Capable-of-Enforcement-UK-Taskforce-Confirms

https://www.lawgazette.co.uk/law/news-focus-crypto-statement-a-watershed-for-english-law/5102275.article

The UKJT report is at –

https://35z8e83m1ih83drye280o9d1-wpengine.netdna-ssl.com/wp-content/uploads/2019/11/6.6056_JO_Cryptocurrencies_Statement_FINAL_WEB_111119-1.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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