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ARTICLE · 11 JANUARY 2019

Overview Of Legal Status For Cryptocurrencies In UK

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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Nowadays, there are thousand different cryptocurrencies, constituting a significant asset class.

CyprusTechnology
Michael Kyprianou & Co LLC
Michael Kyprianou & Co LLC
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Introduction

Nowadays, there are thousand different cryptocurrencies (sometimes interchangeably referred to as tokens or coins), constituting a significant asset class. In this area, the technological innovation and the rate of adoption far outpaced the development of legal and regulatory framework.

What does cryptocurrency mean?

European Banking Authority defined a virtual currency as "a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to a flat currency, but is used by natural or legal persons as a means of exchange and can be transferred, stored or traded electronically". Cryptocurrencies are not equivalent to currencies because they do not meet the three defining criteria of money, i.e. being a store of value, a unit of account and a medium of exchange.

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