New Legal Status of Cryptocurrencies under English Law

New Legal Status of Cryptocurrencies under English Law

April 30, 2020, Covington Alert

Recent developments have clarified the previously uncertain status of cryptocurrencies under English law. Two key court decisions and guidance released by the UK Jurisdiction Taskforce (UKJT) have determined that cryptocurrencies can be treated as property. This will have an impact on many areas of legal practice, as well as on clients working with cryptocurrencies in the technology and financial spheres, and those assessing their susceptibility to cybercrime.