20 Nov

UK Classifies Cryptocurrencies as Legal Property

The UK is taking steps to classify cryptocurrencies and virtual assets as property. According to The Times, the UK has reached a decision that will have significant implications for the legality of cryptocurrencies and Blockchain assets.

According to the law, Bitcoin and other crypto money was decided to be property. In this context, crypto currencies have all the property indicators. In a special panel, in accordance with the decisions of senior lawyers, the unique features of the crypto coins do not constitute an obstacle to the recognition of property in the UK said. The panel also recognized private keys as a signature. Based on this rule, it recognizes that at the highest level of the UK legal system, digital signatures are similar to wet ink signatures. This decision also brought to mind the idea of ​​preparing the groundwork for crypto currency arrangements in the country.

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