Wales, English laws ‘sufficiently resilient’ for crypto — with a few tweaks

Blockworks
Blockworks

28 Jun 2023 4:43 PM

The Law Commission’s recent paper on digital assets was intended to enhance the legal framework in England and Wales and “secure UK’s position as global crypto hub.”...

  • The Law Commission of England and Wales released a paper to enhance the legal framework for digital assets.
  • The commission found that cryptocurrencies can be accommodated within the existing common law.
  • They suggest creating a third category within personal property rights to include digital assets like NFTs.
  • The criteria for this category would include assets composed of electronic data and rivalrous assets.
  • The goal is to strengthen digital asset ecosystems and provide legal clarity.

The overall sentiment of the article is positive, as the Law Commission aims to enhance the legal framework for digital assets and secure the UK's position as a global crypto hub.

Go to publisher site

You May Ask

What is the purpose of the Law Commission's paper on digital assets?Does the common law of England and Wales accommodate cryptocurrencies?What suggestion does the commission make regarding personal property rights and digital assets?What criteria would be necessary for the proposed third category of personal property rights?What is the goal of the recommended law reform for digital assets?

Suggested Reads