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