Bitcoin is a property. New law in Great Britain.

Legal regulations regarding cryptocurrency issues have their supporters and opponents. Opinions about normalizing them in legal matters are usually strongly divided, which often leads to the abandonment of this topic. Few of the countries try to regulate this market, even some issues in their legal systems. One of these countries is Great Britain, which it has recognized in recent days Bitcoin for ownership.

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Potential in technology

Countries that intensively regulate cryptocurrency issues (in a positive way), to a large extent focus on the possibility of adapting not only blockchain technology to their systems. It is a contractual green light allowing the use of digital assets for payments, the issuance of tokens by companies (as new ways to finance activities - "Pseudo actions"). In a word, by introducing Bitcoin, the ownership concept, into the legal concept, UK enables its further development.

Flexible law

The recognition of Bitcoin was due to a special panel statement chaired by Supreme Court Justice Sir Geoffrey Vos. In his conclusions he included a translation saying that cryptocurrencies and tokens have all the features of ownership. Any other issues such as system decentralization or intangible intangibility do not disqualify digital assets from ownership issues.

What does the legal world say? The reception of the new law was overwhelmingly positively received. First of all, there is talk about the "plasticity" of British law and opening it to new technological solutions. Undoubtedly, this is a significant legal step favorable to Bitcoin.

Intelligent contracts

Tokens, as new forms of issuing somewhat replacing classic securities, are already created by companies. Thanks to the new law, innovative methods of financing enterprises will necessarily be subject to all regulations related to property rights.

Currently, the global digital contract market is developing intensively. The first estimates of its size assume that in 2023 the capitalization of this market is to reach the value of about 300 billion USD. The World Economic Forum presents slightly different estimates. In their forecasts up to 2027, almost 10%  global GDP is to be accumulated and stored in digital assets.