On Monday, a UK Jurisdiction Taskforce of the Lawtech Deliver Panel published a 46-page legal statement which said:
Cryptoassets, including but not restricted to, virtual currencies, can be treated in principle as property […] smart contracts are capable of satisfying the requirements of contracts in English law and are thus enforceable by the courts. Statutory requirements for a signature can be met by techniques such as private key encryption
The statement and document was made after a consultation period was devised to get some clarity on the digital asset and blockchain industries.
Sir Geoffrey Vos, chancellor of the High Court, also commented saying the initiative was “a watershed for English law and the UK‘s jurisdictions. No other jurisdiction has attempted anything like it.”
He went on to say:
Other jurisdictions have addressed the problem differently, starting with regulations and remedies, and worked backwards […] There is no point in introducing regulations until you understand the legal status of the asset class you are seeking to regulate