Crypto Assets Are Legal Equivalent of Property: Report

2019-11-19 20:16

U.K.: Crypto-assets are legally equivalent to property, clearing the way for businesses to use digital currencies backed by blockchain technology, a high-powered group of legal experts chaired by a senior member of the judiciary reported today.

The panel urged commercial lawyers to prepare for the disruptive impact of digital coins and associated technologies on the law, the legal system, and legal profession before others “steal a march” on them.

UK Jurisdiction Taskforce

The statement, reported by The Times and published by the UK Jurisdiction Taskforce of the LawTech Delivery Panel, concluded that:

Crypto-assets, including but not limited to, digital currencies, can be treated in principle as property; and that smart contracts are capable of satisfying the requirements of contracts in English law and are thus enforceable by the courts.

Led by senior High Court Judge Sir Geoffrey Vos, the goal of the panel was to take significant steps to address uncertainty around digital currencies and related blockchain technology, to build a “dependable foundation for mainstream utilization of crypto-assets and smart contracts.”

The report states that crypto-assets “have all of the indicia [signs] of property.” It explains that in the view of the senior legal figures, the “novel or distinctive features possessed by some crypto-assets — intangibility, cryptographic authentication, use of a distributed transaction ledger, decentralization, rule by consensus — do not disqualify them from being property.”

Further, the panel said that smart contracts and crypto-asset systems have the potential to revolutionize they way agreements such as mortgages, medical research, and property ownership, are carried out:

“[These systems] could revolutionise agreements, from mortgages and medical research to property ownership, as smart contracts automatically execute transactions and remove the need for a middleman.”

Crypto is the Future

Sir Geoffrey, who as chancellor of the High Court is head of its chancery division (which deals with most commercial law disputes), said that “in legal terms, crypto-assets and smart contracts undoubtedly represent the future.” He added that he hoped the legal statement would:

“Go a long way towards providing much-needed market confidence, legal certainty and predictability in areas that are of great importance to the technological and legal communities and to the global financial services industry.”

This support for crypto, blockchain, and related industry is something Sir Geoffrey has been discussing for some time. In a lecture at the University of Liverpool in May, he argued his stance for crypto-assets as property as well as the necessity for proper regulation:

“It is a matter of how they are regulated. As I have already said, a clear distinction needs to be drawn between the concept of crypto-assets as property, on the one hand, and how they are to be regulated, on the other hand.”

Featured Image from Shutterstock

The post Crypto Assets Are Legal Equivalent of Property: Report appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Max Property Group (MPG) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0134695 (-100%)

property legal equivalent crypto digital assets report

property legal → Результатов: 44


Crypto-assets are tradeable property, smart contracts are enforceable: UK Jurisdiction Taskforce

In what is a major development in the context of the cryptocurrency industry in the United Kingdom, a landmark legal statement given by the Chancellor of the High Court, Sir Geoffrey Vos, states that The post Crypto-assets are tradeable property, smart contracts are enforceable: UK Jurisdiction Taskforce appeared first on AMBCrypto.

2019-11-18 15:23


Фото:

UK drafts collaborative plan to crack down on cryptocurrency crime

The UK government is seeking to crack down on the use of crypto assets for money laundering or other illicit activities. To do so, the government has published the Economic Crime Plan, agreed between the Chancellor Philip Hammond, Home Secretary Sajid Javid, and heads of law enforcement, major financial institutions and legal, accountancy and property organisations.

2019-7-15 14:54


China Unbans Bitcoin? ‘Occasional’ P2P Exchange is Legal, Says Lawyer

“Sporadic” P2P Bitcoin trading is likely legal in China, a senior lawyer told the national press in unusually optimistic comments this week. Keep Bitcoin Exchange ‘Occasional’ in China Speaking to BJ News, Sa Xiao, Council Member at the Bank of China Law Research Association, argued that China’s current regulation of virtual property includes the right to trade it as the owner sees fit.

2019-5-22 12:00


Фото:

Op Ed: A Summary of

In the latest on the ongoing legal dispute between the New York Attorney General (NYAG), cryptocurrency exchange Bitfinex and stablecoin issuer Tether, the New York Supreme Court has modified an April 24, 2019, preliminary injunction and now Bitfinex is allowed to continue using the Tether reserves that were loaned to it to maintain its ordinary course of business, such as paying employees and consultants.

2019-5-18 22:14


Фото:

Wyoming Passes New Friendly Regulations for Crypto Assets

The Wyoming state government has been expanding its status as a hub for crypto and blockchain technology by passing several new bills this February. According to Wyoming-based blockchain advocate Caitlin Long, the state of Wyoming has recently passed resolution SF0125 on February 14, 2019, claiming that Wyoming “law recognizes property rights in the direct ownership of digital assets.

2019-2-15 22:18


Фото:

Wyoming Becomes First State To Give Bitcoin Owners Full Property Rights

Cryptocurrency advocates are celebrating Friday after the US state of Wyoming passed a bill giving direct property rights to cryptocurrency holders. Wyoming Senate Passes Crypto Property Bill Bill SF0125 passed its second and third Senate readings February 13 and 14 respectively, and will now go before governor Mark Gordon for endorsement, becoming law as early as next week.

2019-2-15 12:00


Фото:

Elections Canada Consults With Political Parties on Crypto Donations

According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.

2019-1-24 20:28


Crystallizing The Significance Of China Court Declaring Bitcoin As Property

A Court of Arbitration based in Shenzhen, China has given a verdict to the surprise of a number of naysayers that cryptocurrency is vehemently backed by the country’s law. The Shenzhen International Court based in southern China set a legal precedent earlier on Tuesday declaring that cryptocurrency should henceforth be considered a legal asset recognized […]

2018-11-7 09:50


Фото:

Chinese Court: Bitcoin Is Property and Protected by Law

A Chinese Court recently ordered a company in a civil dispute to repay a misappropriated amount of cryptocurrency, setting a legal precedent for cryptocurrency-related disagreements. According to a Finance Magnates’ article published on November 5, 2018, despite China’s 2017 cryptocurrency ban, the Shenzhen Court recognized in the civil dispute that cryptocurrencies have economic value.

2018-11-7 04:00


Фото:

Chinese Court States Bitcoin is “Property of Economic Value”

A Chinese arbitration court declared crypto-assets such as Bitcoin must be treated as legal property, despite an infamous blanket ban on cryptocurrencies in the country. Chinese Court Classifies Bitcoin as Property As reported by a local news outlet, the Shenzhen Court of International Arbitration ruled cryptocurrencies must be legally protected as a property with “economic […] The post Chinese Court States Bitcoin is “Property of Economic Value” appeared first on CryptoSlate.

2018-10-27 00:30


US Ethics Office Says Officials Must Disclose Crypto Holdings

Those working for the executive branch of the U.S. government must disclose their cryptocurrency holdings, ethics officials said Monday. In a legal advisory released Monday, the U.S. Office of Government Ethics (OGE) clarified that digital currency is “property held … for investment or the production of income” instead of a “real” currency or legal tender. The

2018-6-19 00:46