An important push towards defining the nature of cryptoassets came late last year. A dedicated UK working group conducting fundamental research on this issue has released an official statement on the state of cryptoassets and smart contracts. In this article, we will look at the implications of this statement for the regulation of crypto assets in the UK, which will be relevant for businessmen interested in registering a crypto company in England.
What does it mean
Although the release of the working group is not legally binding, it is intended to provide market confidence as well as a clearer definition of the legal status of cryptoassets.
This is due to the fact that the regulation of the asset classes in question is still in a stage of uncertainty in the context of court proceedings related to cryptocurrencies and tokens.
A group of researchers came to the conclusion that cryptoassets should be treated as property. The release notes, in particular, that the intangibility of some crypto assets is not a reason not to consider them as property.
If you decide to register a crypto company in the UK, it should be borne in mind that the public today is more and more inclined to the conclusion that crypto assets can be property.
Update for your info
In September this year, the European Commission actively tackled the legal framework for the cryptoindustry to speed up cross-border payments and make them cheaper through blockchain technology and cryptoassets. According to the commission's estimates, the pandemic has highlighted the relevance of wire transfers.
Simultaneously with the European Union, Switzerland amended its legislation. The changes could open doors not only for decentralized finance, but also for the creation of digital stocks of companies and a range of other tradable assets. The law is expected to enter into force in early 2021.
Legal advice on the cryptoassets regulation in the UK and the EU will help to understand in more detail the intricacies of the legislation in relation to cryptoactivity in Europe.
If you decide to register a British crypto exchange, IQ Decision UK specialists are ready to provide the necessary assistance for the crypto business in Britain and the EU. Сontact us by filling out the special form below.