Although still actively developing, current UK policy thinking in relation to cryptocurrencies was set out by the UK Cryptoassets Taskforce in its Final Report (the “Taskforce Report”), published in October 2018.

The Taskforce Report identifies cryptocurrencies as a subset of the broader category ‘cryptoasset’. It defines the latter as “a cryptographically secured digital representation of value or contractual rights that uses some type of [distributed ledger technology] and can be transferred, stored or traded electronically”. Within this overarching category, the Taskforce Report identifies three sub-categories and offers the following (non-legislative) definitions...

Originally published in GLI – Blockchain & Cryptocurrency Regulation 2020, 2nd Edition - November 2019.