12 May 2022
Non-fungible tokens (NFT) have been recognised as property by the High Court, in a landmark case
Writing in this week’s NLJ, Racheal Muldoon, of 36 Commercial, counsel for the successful applicant, hails the decision and explains the implications of the case. These include empowering holders of NFTs to seek recourse as well as potentially making NFTs taxable and capable of being left as inheritance. Muldoon writes: ‘For the moment at least, there is no doubt that England and Wales is the most advantageous jurisdiction in the world when it comes to the protection of cryptoasset holders’ rights.’
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