Altcoin News: UK Government Intends to Determine the Legal Status of Cryptocurrency

May 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The UK Government has established a United Kingdom Jurisdiction Working Group (UKJT) to determine the status of cryptocurrency in accordance with English private law.

UKJT, specializing in information technology services for professional legal activities, brings together judicial and legal commissions in England and Wales, as well as technical and legal experts. The UK Financial Supervision Authority (FCA) also contributed to this initiative by serving as a technical advisor.

UKJT representatives believe that the existing legal uncertainty in the cryptocurrency industry is the main reason for the lack of investor confidence.

“Mainstream investors still need to be convinced that their legal rights can be protected when they trade in crypto assets and enter into smart contracts.”

Following the consultations, which will last until June 21, the UKJT will prepare recommendations on the regulation of cryptocurrencies and smart contracts in accordance with English private law. This will identify key legal issues in this area and provide a basis for the widespread use of cryptocurrencies.

At the end of the summer, analyzing the recommendations of the UKJT, UK regulators will assess the need or desirability of making any changes to the legislation.

Recently Kevin Murph published an article saying that “Future of .io domains has become party-political issue in the UK”.

Author: Marko Vidrih