UK Law Suited to Accommodate crypto, Law Commission Review Finds

Crypto Daily
Crypto Daily

28 Jun 2023 6:13 AM

Law Commission recommends reform and development of the law on digital assets to secure UK’s position as a global crypto hub....

  • The Law Commission of England and Wales has published recommendations for the reform and development of the law relating to digital assets.
  • Digital assets, including crypto-tokens and non-fungible tokens (NFTs), are used for various purposes such as investment and making payments.
  • The Commission recommends creating a distinct category of personal property for digital assets and removing any legal uncertainty.
  • It suggests legislation to confirm the existence of this category and the creation of a panel of industry experts to provide guidance on technical and legal issues.
  • The Commission also recommends new legal tools, such as ways to take security over crypto-tokens and tokenised securities.
  • The aim is to create a clear and consistent framework for digital assets, providing clarity and security to users and supporting the UK's goal of becoming a global crypto hub.

The overall sentiment of the article is positive. The Law Commission's recommendations aim to solidify the legal foundation for digital assets, adapt to rapid growth, and support technological innovation.

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You May Ask

What are digital assets, and how are they used in modern society?What legal challenges do digital assets pose, and how does the Law Commission address them?What recommendations does the Law Commission make to create a clear framework for digital assets?How does the Commission propose to ensure courts can handle the complexity of emerging technology?What is the goal of the UK government regarding digital assets, and how do the recommendations support it?

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