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 crypto-assets would be considered tradeable property and smart contracts will be recognized as enforceable agreements under English and Welsh Law.
The UK Jurisdiction Taskforce of the Lawtech Delivery Panel recently published a legal statement addressing the legal uncertainty of digital assets and smart contracts. The panel was led by Vos, with the Chancellor expressing his delight at the clarity afforded to such assets. He said,
‘”In legal terms, cryptoassets and smart contracts undoubtedly represent the future. I hope that the Legal Statement will 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.”
The article is being updated….
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Biraajmaan Tamuly, Khareem Sudlow
