26 November 2018
Dave Michels, from the Centre for Commercial Law Studies, published an article for The Independent revealing that Cryptocurrencies aren’t technically recognised as property in English and Welsh courts – the same could be true of other courts around the world too, which could have devastating results for assets. He writes: “My colleagues and I have recently completed research showing that courts in England and Wales are unlikely to identify digital tokens as property, since the law does not recognise possession of intangible items. This means that cryptocurrency holdings may not qualify as property at all. As a result, although digital tokens are technically secured through blockchain technology, the level of legal protection is unclear. And the same likely applies in other common law jurisdictions such as the United States, Hong Kong, Singapore, and most of India.” Read the whole article here.