{"id":175895,"date":"2022-09-16T02:23:25","date_gmt":"2022-09-16T01:23:25","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=175895"},"modified":"2024-05-09T07:14:11","modified_gmt":"2024-05-09T06:14:11","slug":"protect-cryptocurrency-using-ip-law","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/intellectual-property\/protect-cryptocurrency-using-ip-law\/","title":{"rendered":"How To Protect Cryptocurrency Under Intellectual Property Law"},"content":{"rendered":"\n<p>If you are a business owner in the UK who is considering becoming involved with <a href=\"https:\/\/legalvision.com.au\/understanding-blockchain\/\">cryptocurrency<\/a>, you may also wonder about the most effective way to protect it. This article will discuss the best methods to protect cryptocurrency and related technologies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Cryptocurrency?<\/h2>\n\n\n\n<p>A cryptocurrency is a digital currency or token. It is a <a href=\"https:\/\/legalvision.co.uk\/ecommerce-online-business\/buying-selling-nfts\/\">tradeable asset<\/a> that only exists online, meaning there are no physical notes or coins in existence. You can use cryptocurrency to buy anything from food to personal services.\u00a0<\/p>\n\n\n\n<p>It is still a relatively new concept and is gaining popularity within technological industries and the general public. Additionally, it is gaining traction worldwide as a form of currency. Therefore, it is becoming more widely accepted as a valid payment method. Thousands of types of cryptocurrency currently exist, all of which hold different values. Some examples of the most popular cryptocurrencies are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin;<\/li>\n\n\n\n<li>Ethereum;<\/li>\n\n\n\n<li>Doge Coin; and<\/li>\n\n\n\n<li>XRP.<\/li>\n<\/ul>\n\n\n\n<p>Cryptocurrencies use blockchain technology, an extremely secure system that stores data in blocks. This database acts as a digital ledger of transactions for different types of cryptocurrency. These records cannot be altered or deleted, and all transactions can be transparently viewed by anyone, meaning you can track your transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Intellectual Property Can Assist and Protect Cryptocurrencies&nbsp;<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Trade Mark&nbsp;<\/h3>\n\n\n\n<p>You can <a href=\"https:\/\/legalvision.com.au\/uk-trade-mark\/\">trade mark<\/a> the cryptocurrency&#8217;s name if you have created a new type of cryptocurrency. Additionally, your logo also has the potential to be registered as a trade mark, in the same way as any other.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>For example, one cryptocurrency has trade marked its name &#8216;Ripple&#8217;, which has trade marked &#8216;Ripplenet&#8217; and also its slogan &#8216;PayString&#8217;.<\/p>\n<\/div>\n\n\n\n<p>A trade mark can take any number of forms, including a:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>word;&nbsp;<\/li>\n\n\n\n<li>phrase;<\/li>\n\n\n\n<li>logo; or&nbsp;<\/li>\n\n\n\n<li>slogan.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>To successfully apply to register a trade mark with the&nbsp;<a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/organisations\/intellectual-property-office\" rel=\"noreferrer noopener\">Intellectual Property Office<\/a>&nbsp;(IPO), you must create a mark that is unique and distinctive. You can check the online trade mark database to ensure your mark has not already been registered.<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>The advantages of registering your trade mark are more robust protection and exclusivity within the classes of goods or services you have chosen.<\/p>\n<\/div>\n\n\n\n<p>A trade mark class is an industry you are involved in. Therefore, the areas of trade that will protect your trade mark. You can choose multiple trade mark classes within your application to enhance the protection of your mark. Although, you will have to pay additional fees for each class. There are 45 different classes to choose from. To guarantee your trade mark receives the maximum level of protection, you must ensure you choose the class or classes that are relevant to your trading industry.&nbsp;&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--warning\">\n    <p>Registering your trade mark with the IPO only registers your trade mark within England and Wales. You must make separate applications if you wish to register your trade mark internationally or within the European Union.<\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Patent<\/h3>\n\n\n\n<p>To successfully secure <a href=\"https:\/\/legalvision.com.au\/what-is-the-difference-between-trademarks-and-patents\/\">patent protection<\/a> within England, you must show that you have invented something and that this invention has taken an inventive step beyond the expected development. It must also have an industrial application and have never been made public before the application for the patent.&nbsp;<\/p>\n\n\n\n<p>It is common for cryptocurrency inventors to claim new processes due to their new and complex algorithms. Therefore, you can successfully patent cryptocurrency.<\/p>\n\n\n\n<p>Patent protection is costly and a lengthy process. However, it is not always the best option when deciding which method of intellectual property protection. Applications for patent protection are usually around \u00a35,000 with the IPO. Furthermore, the process usually takes around five years and requires a yearly fee to maintain the protections.<\/p>\n\n\n\n<p>Patent protection provides exclusivity to the manufacturing and selling of your invention. Therefore, any competitor trying to use or sell your invention without your consent would infringe on your intellectual property rights. Moreover, you would have an immediate claim against them in court. Therefore, if you are considering applying for patent protection, you should seek legal advice to determine whether it is the correct option.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left 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Therefore, inventors of these digital technologies are seeking various methods of protection. Intellectual property protection can be highly beneficial. For instance, the owner will gain the exclusive right to use their:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>slogans;&nbsp;<\/li>\n\n\n\n<li>logos; or&nbsp;<\/li>\n\n\n\n<li>even the invention itself.<\/li>\n<\/ul>\n\n\n\n<p>Some examples of cryptocurrencies with trade mark protection are Ethereum and Ripple.<\/p>\n\n\n\n<p>If you need help with intellectual property protection, our experienced <a href=\"https:\/\/legalvision.co.uk\/intellectual-property-lawyers-lp\/\" target=\"_blank\" rel=\"noreferrer noopener\">intellectual property lawyers<\/a>&nbsp;can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <a href=\"https:\/\/legalvision.co.uk\/membership\" target=\"_blank\" rel=\"noreferrer noopener\">membership page<\/a>.<\/p>\n\n\n\n<div  class=\"box box--icon box--warning\">\n    <p>LegalVision cannot provide legal assistance with patents. We recommend you contact your local law society.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1663291107057\"><strong class=\"schema-faq-question\"><strong>What types of protection are available for cryptocurrencies?<\/strong><\/strong> <p class=\"schema-faq-answer\">You can protect your cryptocurrencies using different types of intellectual property. The most common are trade marks, as you can trade mark multiple aspects such as a logo or slogan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1663291114939\"><strong class=\"schema-faq-question\"><strong>How much does it cost to protect cryptocurrency using the intellectual property?<\/strong><\/strong> <p class=\"schema-faq-answer\">This depends on the type of protection, application fees and if you use professional legal assistance. The total cost could vary, and you should always ensure you cost out the fees before deciding on a type of intellectual property protection.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/175895\" \/>            <input value=\"https:\/\/legalvision.co.uk\/intellectual-property\/protect-cryptocurrency-using-ip-law\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"How To Protect Cryptocurrency Under Intellectual Property Law\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are a business owner in the UK who is considering becoming involved with cryptocurrency, you may also wonder about the most effective way to protect it. This article will discuss the best methods to protect cryptocurrency and related technologies. What is Cryptocurrency? A cryptocurrency is a digital currency or token. It is a<a href=\"https:\/\/legalvision.co.uk\/intellectual-property\/protect-cryptocurrency-using-ip-law\/\">Continue reading <span class=\"sr-only\">&#8220;How To Protect Cryptocurrency Under Intellectual Property 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She is a qualified barrister and lawyer with an interest in immigration and human rights. Fiona has written extensively for LegalVision on Intellectual Property. Qualifications: Bar Professional Training Course, The Manchester Metropolitan University, Masters Degree, LLM in Human Rights and Criminal Justice, Queen's University, Belfast, Bachelor's Degree, LLB Law, Queen Mary University of London","sameAs":["https:\/\/www.linkedin.com\/in\/fiona-prior-30481162\/"],"url":"https:\/\/legalvision.co.uk\/author\/fionaprior\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/intellectual-property\/protect-cryptocurrency-using-ip-law\/#faq-question-1663291107057","name":"What types of protection are available for cryptocurrencies?","acceptedAnswer":{"@type":"Answer","text":"You can protect your cryptocurrencies using different types of intellectual property. The most common are trade marks, as you can trade mark multiple aspects such as a logo or slogan.","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/intellectual-property\/protect-cryptocurrency-using-ip-law\/#faq-question-1663291114939","name":"How much does it cost to protect cryptocurrency using the intellectual property?","acceptedAnswer":{"@type":"Answer","text":"This depends on the type of protection, application fees and if you use professional legal assistance. The total cost could vary, and you should always ensure you cost out the fees before deciding on a type of intellectual property protection.","inLanguage":"en-GB"},"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/175895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/users\/13353"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/comments?post=175895"}],"version-history":[{"count":12,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/175895\/revisions"}],"predecessor-version":[{"id":187775,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/175895\/revisions\/187775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media\/3230"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media?parent=175895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/categories?post=175895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/tags?post=175895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}