- UK panel has declared cryptocurrencies are a property by a legal panel.
- Crypto assets with unique characteristics would also be treated as property in the UK.
According to The Times report, a legal panel chaired by Sir Geoffrey Vos has made the decision to classify cryptocurrencies as property. The panel ruling declared that digital assets including Bitcoin possess all ‘indicia of property.’ The decision additionally noted that crypto assets with unique characteristics would also be treated as property in the UK.
The action taken by the UK is not the first country to categorize crypto assets as ‘property.’ Something has similarly been seen with Israel and China have recognized cryptocurrencies as property.
The panel’s decision marked appreciation for considerations of refined regulation of crypto assets. The ruling equates private keys with signatures hence justifying the classification as property.