The United Kingdom are now classifying cryptocurrencies as property under the latest jurisdiction.
|- UK panel has declared cryptocurrencies are a property by a legal panel.
- Crypto assets with unique characteristics would also be treated as property in the UK.
According to The Times report, a legal panel chaired by Sir Geoffrey Vos has made the decision to classify cryptocurrencies as property. The panel ruling declared that digital assets including Bitcoin possess all ‘indicia of property.’ The decision additionally noted that crypto assets with unique characteristics would also be treated as property in the UK.
The action taken by the UK is not the first country to categorize crypto assets as ‘property.’ Something has similarly been seen with Israel and China have recognized cryptocurrencies as property.
The panel’s decision marked appreciation for considerations of refined regulation of crypto assets. The ruling equates private keys with signatures hence justifying the classification as property.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.