The Commercial Court held in AA v. Person Unknown  EWHC 2556 (Comm) that a cryptocurrency such as bitcoin is a form of property capable of forming the subject of a proprietary injunction, in January. This is the first time the courts have applied the analysis set out in the UK Jurisdiction Taskforce’s legal statement on cryptoassets and smart contracts to a cryptocurrency.
This decision brings clarity regarding the status of cryptocurrencies as a form of property. However, the next frontier may require the courts to confront tricky legal issues resulting from the transnational nature of cryptocurrencies, such as jurisdiction, governing law and the legal position of currency exchanges. Resolution of these points may depend on the continuation of the approach from AA in terms of the adaption of existing legal principle to new technology.
Read more about the decision here.