New developments on the UK’s crypto legal framework

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The cryptocurrency regulation in the UK is one step closer to becoming clearer. Today, the UK Jurisdiction Taskforce of Tech Nation’s Lawtech Delivery Panel has announced its legal statement on the treatment of cryptocurrency assets and smart contracts under Welsh and English law.

The statement is addressing the legal uncertainty that surrounds cryptocurrency assets. Judging by the latest developments, cryptocurrency assets are recognized as tradable properties, while smart contracts – as enforceable agreements.

Now that this statement is out, both consumers and investors can have a clearer picture of what the crypto legal framework is in the UK. The trading of such assets will now be better understood.

Lawrence Akka QC,  Matthew Lavy, David Quest QC and Sam Goodman drafted the legal statement, which was also supported by the UK Jurisdiction Taskforce members, the respondents to a public consultation done earlier and the law firm Linklaters.

This is what the Chancellor to the High Court, Mr. Geoffrey Vos, who is also the chair of the UK Jurisdiction Taskforce, said regarding the situation that both cryptocurrency assets and smart contracts represent the future without any doubt. He hopes that the newly issued legal statement will be able to provide market confidence, predictability in areas and legal certainty. All of these elements are of crucial importance to the global financial services industry.


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