CRYPTOASSETS STATUS

The UK jurisdiction taskforce has started a consultation on the status of cryptoassets, distributed ledger technology and smart contracts under English law. The consultation document suggests that 'if a cryptoasset is not property, it cannot be owned. If it cannot be owned, it cannot be purchased, sold, otherwise transferred in law or rights to it asserted if it is stolen.' The consultation closes on 21 June, and even if you do not intend to respond, the explanations in the consultation document might provide enlightenment or further bewilderment. 9 May 2019