UK Commission Publishes Recommendations for Reform and Development of the Law on Digital Assets – Regulation Bitcoin News

Bitcoin.com
Bitcoin.com

30 Jun 2023 7:30 AM

Recommendations seek "to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish."...

  • The Law Commission of England and Wales has published recommendations for reforming and developing the law on digital assets.
  • The recommendations aim to secure the UK's position as a global crypto hub and provide a comprehensive legal foundation for digital assets.
  • They also seek to enable a diverse range of market participants to benefit from digital assets.
  • The recommendations include the enactment of legislation to confirm the existence of a distinct third category of personal property, the creation of a panel of experts to provide advice on legal issues, and the establishment of a framework for the operation and enforcement of collateral arrangements relating to crypto-tokens and crypto-assets.

The sentiment of the article is positive overall. The Law Commission's recommendations are seen as a way to secure the UK's position as a global crypto hub and provide a legal foundation for digital assets. The recommendations are described as aiming to enable market participants to benefit from digital assets and ensure that the law remains flexible for technological innovation.

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What are the recommendations of the Law Commission of England and Wales?What is the purpose of the recommendations?How do the recommendations aim to benefit market participants?What specific actions are recommended by the Law Commission?What is the sentiment towards the recommendations in the article?

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