Crypto-Certainty Following The UKJT's Legal Statement?

In what has been heralded by many as a landmark legal statement the UK Jurisdiction Taskforce (UKJT) has provided much needed clarity on the legal status of cryptoassets and smart contracts under English law. The UKJT's legal statement (the Statement), made following a public consultation, considered a number of questions in relation to cryptoassets and smart contracts and gave the following opinions:

1. Cryptoassets (which the UKJT defined very widely as including both systems using purely notional payment tokens i.e. bitcoins and those which make use of more traditional tangible objects such as shares or units in a fund) can, in principle, be treated as property; and
2. Smart contracts can be recognised, interpreted and enforced in accordance with the well-established principles of contract law;