Cryptocurrency As Property
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.
- Civil Fraud & Asset Recovery
- Criminal financial investigations
- Cryptocurrency investigations and prosecutions
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
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:
- Obtaining a Declaration of Ownership
- Third Party Debt Orders
- Charging Orders
- Worldwide Freezing Injunctions
- Proprietary Injunctions
- Bankers Trust Orders
- Norwich Pharmacal Orders
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.
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.