Crypto Is Property\r\n\r\nWhile the US is still falling behind grappling with its definition of what defines security, the UK has taken a step forward by classifying crypto assets as property. A panel, led by the senior High Court judge Sir Geoffrey Vos, issued a legal statement on Monday that took significant steps to address uncertainty around crypto-assets and their underlying technologies.\r\n\r\nAccording to reports, the public consultation aimed to provide more clarity on the definition of digital currencies, with Vos adding;\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\u201cThe answers to those legal questions will provide a dependable foundation for the mainstream utilization of crypto assets and smart legal contracts.\u201d\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nA legal statement said that crypto assets \u2018have all of the indicia of property\u2019, which would grant them a similar legal standing. The panel elaborated \u2026\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nnovel or distinctive features possessed by some crypto-assets \u2014 intangibility, cryptographic authentication, use of a distributed transaction ledger, decentralization, rule by consensus \u2014 do not disqualify them from being property\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nThe decision has been lauded by industry observers as it will serve as a foundation for the mainstream adoption of crypto assets and smart contracts in the UK. Additionally, the clarification could provide a strategic advantage to blockchain startups operating in the country.\r\n\r\nThe government-backed industry initiative, Lawtech, is part of the UK Jurisdiction Task Force that made the announcement. Director of the Lawtech Delivery Panel, Jenifer Swallow, added;\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\u201cIt is great to see the adaptability of our common law system to fast-changing technology, demonstrated in this landmark legal statement from the UKJT. Tech Nation is excited to work with the Lawtech Delivery Panel on leading initiatives such as this, to support business growth, clarity in the law, and the evolution of new tech.\u201d\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nShe continued to state that the worldwide smart contract market is expected to reach $300 million by 2023, and the World Economic Forum predicts 10% of global GDP will be stored on the blockchain by 2027. Panel chair, Christina Blacklaws, was equally enthusiastic about the classification of crypto assets;\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\u201cIt is excellent to see that English and Welsh law has no issue embracing new technology \u2013 recognizing crypto assets as tradable property and smart contracts as enforceable.\u201d\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nWhile the US still flounders over its own regulatory hurdles China and now the UK is going full steam ahead on blockchain and crypto.