University of Oxford explores the possible consequences for lost and stolen cryptocurrency for example, consider a canadian court earlier this year business Singapore blockchain startup Copytrack.
Researcher Gregory Pustovit (Grygoriy Pustovit) noted that a canadian court has ruled Copytrack return 530 ETH mistakenly sent to the member of the initial placement of tokens (ICO) Brian wall (Brian Wall).
“This precedent could have serious implications for the enforcement of claims for lost or stolen cryptocurrency, because the decision allows a claimant to trace and recover the tokens, in whatever hands they now are,” – says Pustovit.
With the development of professional services for the tracking of digital assets, the legal owners can track them in the public book and, theoretically, to restore, as soon as they appear in the wallet of the exchange. Based on this Pustovit says that blackany are governed not only their code, but also the laws of the relevant jurisdictions.
Noting that the international application of different national laws and regulations may be difficult, he said that cryptocurrencies will be regulated, most likely, on the basis of the decisions in those jurisdictions in which they have strategic interests.
Pustovit also States that the canadian court “missed the opportunity” to define the legal nature of cryptocurrencies, because “she could not be treated via a simplified judicial decisions”. Since the investor already late, “would have no practical use when referring the matter to the court.”
However, the court ruled that the esters are the property of the plaintiff and must be returned, a claim for conversion and dismissal is left without satisfaction.
While the legal status of cryptocurrencies in the case law is unclear, “a growing number of decisions recognizing other intangible assets, such as funds, stocks and mining may be subject to claims of conversion”.
Canada is one of the most friendly to cryptocurrency, and keep the security of their countries. Recently it became known that the canadian city of calgary has released their own digital currency Calgary Digital Dollar.