UK Jurisdiction Taskforce Publishes Report On Control Of Digital Assets

The report explains how the legal concept of control applies to digital assets under English law.

The UK Jurisdiction Taskforce (UKJT) has published a Report on Control of Digital Assets, which provides non-binding guidance on the complex and evolving ways in which factual control can be exercised over digital assets. The guidance is intended to assist a non-technical audience (the judiciary and court users) when considering how legal principles can be applied in this context.

Why does control matter?

In 2023, the Law Commission published its Final Report on Digital Assets, in which it concluded that certain digital assets (such as cryptocurrencies and NFTs) do not fit comfortably within either of the traditional legal categories of "things in possession" or "things in action". Nevertheless, such assets (referred to as "third category" digital assets) still require proprietary protection.