Legal Uncertainties in UK Law Regarding Crypto-Assets Addressed

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The UK Jurisdiction Taskforce has propelled a public consultation on the status of crypto assets and contracts finding loopholes in contracts under English and Welsh legislation. The enquiry will be looking for input on the apparent legal uncertainties and vulnerabilities regarding crypto-assets that are classified as property.

It intends to set up a definitive explanation to effectively demonstrate English and Welsh law already gives certain establishments to crypto-asset possession and ownership, or to point out any weaknesses that prove problematic upon enactment. The consultation ends on June 21st next month.