The Chancellor of the British High Court, Sir Geoffrey Vos, made headlines after he discussed the possibility of recognizing ‘crypto-assets as property,’ within the current stature of the law. The lecture was held in Liverpool and focused on finding ways to improve people’s confidence in smart legal contracts.
Sir Geoffrey began his speech by addressing the absence of “an end-to-end smart legal contract in financial services or in any other sector.” He attributed this problem to the lack of trust among mainstream investors due to the “legal uncertainty that pervades the use of so-called cryptocurrencies and cryptoassets.”
Additionally, Sir Geoffrey read out current definitions of ‘property,’ ‘asset,’ and ‘contract’ to point out the legalities surrounding the terms, according to the English law. Following the argument, he explained,
“First, there needs to be an identification of whether cryptoassets are, or are not, property under English law. If they are not, a quick and simple legislative approach needs to be considered.”
As the lecture concluded, Sir Geoffrey called out lawyers and the legal system to “put forward a persuasive case
that highlights the economic benefits and boost the confidence of the investors.”
Additionally, he addressed the people within English law to urgently establish a foundation as trillions of smart legal contracts are expected annually.