Are Digital Blockchain Assets Property? Australian Property Law and Technology Regulation

Blockchain technology and Digital Blockchain Assets (‘DBAs’) elude clear definition. They can be represented by code, money, property, object, or asset. They can be seen as something revolutionary, hyped, or even criminal. However, beneath these promises and illusions are fundamental questions of what DBAs are — especially cryptocurrencies and tokens — and what this means for a legal framework. These assets are complicated by questions of materiality, intangibility, and fungibility. This paper looks to the origins of property law within the Australian legal system and tracks how these tests of ‘property’ have been applied. This includes analysis of Australian common law, international blockchain cases, developing legislation, and the current state of the Australian approach. This analysis reveals contemporary complications that arise when trying to bring blockchain technology in line with first-order principles of law.