U.K. recognizes cryptocurrencies as 'tradable property'

A specialized task force of senior judges and lawyers in the U.K. has recognized crypto-assets as "Tradable property" under English law.

The 46-page legal statement, which clarified the status of cryptocurrencies, blockchain technology, and smart contracts, is the country's effort to reintroduce confidence to the British crypto market.

Huge step underway to understand crypto industry in the U.K. The cryptocurrency market in the U.K. has gotten a lot clearer on Monday, as cryptocurrencies were officially recognized as tradable property.

The U.K. Jurisdiction Taskforce, one of six panels under the LDP, published a paper in which it resolved all of the legal uncertainties surrounding cryptocurrencies and distributed ledger technology.

High Court chancellor Sir Geoffrey Vos said the initiative was a watershed moment for the U.K. as it addressed "Difficult legal topics in a very approachable and intelligible manner." This is the first time a jurisdiction in the country attempted to understand the industry, he said in a statement.

British law recognizes and defines cryptocurrencies.

According to the 46-page legal statement, cryptocurrencies, or "Cryptoassets," are tradable property.

U.K. entrepreneur network Tech Nation said this could revolutionize agreements and drastically improve settlement processes for everything from mortgages and medical research to property ownership.

With the World Economic Forum predicting that 10 percent of the global GDP will be stored on the blockchain by 2027, efforts like the one undertaken by the U.K. Jurisdiction Taskforce show that new technologies are being embraced at a rapid pace.

A clean bill like this is bound to put blockchain technology into the spotlight and put the U.K. on the map as a leader in crypto innovation.