A group of British lawmakers has proposed classifying digital assets as property. This step will make it easier for cryptocurrency companies to use tokens and further develop the industry.
The UK has taken a step towards the industry by classifying crypto assets as property. A group of lawmakers made up of lawyers and judges issued an official statement that took significant steps to address uncertainty about crypto assets and the underlying technologies.
According to the publication
According to The Times, the public discussions were aimed at clarifying the definition of digital currencies. Geoffrey Vos, senior justice of the Supreme court of England, who heads the group of lawmakers, said:
“Answers to such legal questions will provide a solid Foundation for mass use of crypto assets and legally valid smart contracts.”
The official statement says that crypto assets “have all the attributes of ownership” and this gives them a similar legal position. The document notes that “the new or distinctive features that some crypto assets possess – immateriality, cryptographic authentication, use of a distributed registry, decentralization, and consensus-based management-do not prevent them from being recognized as property.”
This proposal has caused a stir in the industry, as it will serve as the basis for the widespread introduction of crypto assets and smart contracts in the UK. In addition, the clarification can provide a strategic advantage for startups operating in the country.
The government-backed Lawtech Industry initiative is being implemented by a special task force that made this announcement. One of the leaders of the Lawtech initiative, Jennifer Swallow, Noted:
“It is gratifying to see the ability of our common law system to adapt to rapidly changing technologies demonstrated in this landmark legal statement.”
Recall that this summer, the London court of arbitration recognized
bitcoin ownership. The decision was made as part of a hearing on the theft of 100 BTC.