UK Law Commission Proposes Crypto Law Reforms

The UK Law Commission has made four main recommendations following a mandate from the British government to conduct a common law analysis of crypto legal frameworks in England and Wales. One of the recommendations is to create a new distinct category of personal property for digital assets. The Commission deliberately avoided setting clear boundaries for the proposed category, leaving room for the common law to determine which digital assets will fall within the new category. The proposed personal property category will allow a ‘nuanced approach’ in recognising digital assets ranging from cryptocurrencies to digitised instruments, including carbon emission credits or export quotas. The Law Commission has also suggested establishing an industry-specific panel of technical experts, legal practitioners, academics and judges to provide ‘non-binding advice’ to the courts on various legal issues and considerations relating to the digital assets.

Sources: https://rb.gy/hwipf