Cryptocurrencies approved in the United Kingdom

The European country advances in the crypto ecosystem after the decision of the legislators on admitting crypto assets as goods

Cryptocurrency advocates in the United Kingdom received good news on Monday that digital assets have been admitted as assets by local lawmakers.

With this initiative, the country follows the steps to China in terms of adoption of digital assets. Also, after a meeting the legislators announced the new banking service of the London company Cashaa, whose motto is: “An account for the old and new money”, referring to fiat money and the new cryptocurrencies.

Cryptocurrencies standardization

The United Kingdom advances in the opening towards the adoption and normalization of digital currencies and blockchain technology, as well as regulatory aspects, after the clarification made by the group of lawmakers LawTech Delivery Panel, directed by the Supreme Court judge Sir Geoffrey Vos.

The initiative seeks to keep concepts clear, eliminate doubts and finally categorize cryptocurrencies as a good, which gives them trading properties.

In this regard, Vos said: “In legal terms, crypto assets and smart contracts certainly represent the future. I hope that the Legal Declaration will contribute greatly to providing the necessary confidence, legal certainty and predictability in the market.”

The recent measure of British lawmakers will undoubtedly benefit local startups that operate through the blockchain. In this connection, the Director of LawTech Delivery, Jenifer Swallow, added that smart contracts will address 300 million dollars in 2023 and that by 2027 10% of the world’s GDP will be stored on the blockchain.



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