An expert legal statement was published by the UK Jurisdiction Taskforce (UKJT, a taskforce of the UK’s Lawtech Delivery Panel) on recognising cryptoassets as property and smart contracts as enforceable agreements under English law. The two key takeaways:
- In principle, cryptoassets are to be treated as property under English law.
- A smart contract is capable of having contractual force.
For more details, read the full article on Baker McKenzie’s dedicated blockchain blog.