24/06/22

Cryptocurrency As Property 

Share

In a previous article we noted that the UK Jurisdiction Taskforce of the Law Society’s LawTech Delivery Panel had ruled that Cryptocurrency ought to be treated as property.

For this article please click here: The Civil Crossover With Cryptocurrency Fraud

Subsequently, various cases have deemed Cryptoassets to be property with the consequence that those who have suffered financial losses arising from Cryptoassets can commence recognised and established recovery actions through the courts. 

Tim Thompson, Partner at Kangs Solicitors considers this development further.

Our award-winning Team of civil lawyers  and criminal fraud solicitors is nationally recognised for its work in:

Our team is led by Hamraj Kang, a nationally recognised leader in the field of financial crime investigations.


For an initial no obligation discussion, please contact our team at any of the offices detailed
below:

London

Birmingham

Manchester

24 Hours number

The Current Position | Kangs Financial Fraud Defence Solicitors

English Courts have been proactive when assisting those who have suffered losses pursue recovery proceedings even when action is required outside the Jurisdiction.

It has previously been extremely difficult in pursuing recovery actions through the Courts simply because cryptocurrency had not been recognised as property given that it represents digital information and not a tangible object.

Recently, Sir Geoffrey Vos, the Master of the Rolls stated in his speech on 24 February 2022 that it was his:

 hope that English law will prove to be the law of choice for borderless blockchain technology as its take up grows exponentially in the months and years to come’.

Civil Actions Now Available | Kangs Assets Recovery Solicitors

Given that Cryptocurrency is now regarded as property, in addition to claims for final recovery, parties can now seek, inter alia, Interim Remedies covering:         

Cryptocurrency Tracing | Kangs Crypto Tracing Solicitors

Ordinarily, before an Interim Remedy can be applied for, it is necessary to establish where the property in question is located.

This involves a detailed investigation utilising specialist software to interrogate the blockchain and follow an audit trail of the cryptoasset, a procedure with which the Team at Kangs Solicitors is well versed.

Who Can I Contact For Help? | Kangs Cryptoasset Solicitors

The Team at Kangs Solicitors is accustomed to advising and supporting clients in all aspects concerning Cryptocurrency including conducting a tracing exercise in-house.

Additionally, we work alongside a vast range of expert investigators instructed in the pursuit of cryptoassets.

If we can be of assistance, our Team is available via telephone 0333 370 4333 and by email info@kangssolicitors.co.uk.

We provide initial no obligation discussion at our three offices in London, Birmingham and Manchester.

Alternatively, discussions can be held virtually through live conferencing or telephone.

Contact:

Hamraj Kangs 0340 BW scaled e1690223799706

Hamraj Kang

Email Hamraj

07976 258171

020 7936 6396

0121 449 9888

Stuart Kangs 0386 BW scaled e1690222007481

Stuart Southall

Email Stuart

0121 449 9888

020 7936 6396

0161 817 5020

Tim Kangs 0035 BW scaled e1690222566960

Tim Thompson

Email Tim

0121 449 9888

020 7936 6396

0161 817 5020

Civil Fraud, Commercial Disputes
Unfair prejudice arises when the interests of one or more minority shareholders in a company suffer prejudice by the actions of directors or majority shareholders of the company. The Companies Act 2006 (‘the Act’) provides a course of action at section 994 as follows: A member of a company may apply to the court by […]
23/05/24
Financial Investigations, Tax & HMRC
HMRC faces the ongoing challenge of tackling ‘Supply Chain VAT Fraud’ and recovering unpaid VAT. VAT fraud is a common occurrence, particularly within sectors like the building industry and in a recent article titled ‘Umbrella Company Fraud,’ we detailed how this type of fraud is operated by the creation of fictitious supply chain companies in […]
30/04/24
ADR & Mediation, Commercial Disputes
Seeking redress through civil court proceedings can be a demanding and arduous process, requiring an understanding of the law, sufficient resources, patience, and perseverance. Alternative Dispute Resolution (ADR) refers to methods of resolving conflicts and disputes outside of the courtroom. The Civil Procedure Rules (CPR) were introduced with the intention of making civil justice more […]
16/04/24

Get in touch

Need legal assistance? Contact our experienced team for prompt and professional support.