Evolution without revolution: crypto-assets as a stress test for the flexibility of the common law of England and Wales

This article explores the legal treatment of crypto-assets under the law of England and Wales, examining both private-law and regulatory approaches. It analyses the recognition of crypto-assets as property, the challenges of categorisation and the implications of tokenisation for real-world and digital assets, drawing on key cases such as ‘AA v. Persons Unknown’ and ‘Tulip Trading v. van der Laan’. On the regulatory front, it reviews developments including the 2025 draft Financial Services and Markets Act Order and the Financial Conduct Authority’s (FCA) initiatives on tokenised securities, illustrating the UK’s move towards a more structured and stricter regulatory framework.