Law Commission of England Proposes New Form of Property For Bitcoin
The proposal from England’s Law Commission outlines a new form of property for digital assets, custodial operations, and a framework for legal proceedings.The Law Commission of England and Wales, an independent consultant firm for legal reform originally commissioned by the parliament, has proposed a new category of property to encompass digital assets such as bitcoin in a 549 page proposal. How could this change the way the United Kingdom interacts with and recognizes bitcoin, and why was it necessary?Reforming Legal StructureIn the UK there are currently two recognized forms of property:....
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“The Law Commission’s analysis demonstrates the flexibility of the common law to accommodate technological developments, particularly in the context of smart legal contracts,” said the announcement. The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space.In a Thursday announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and Wales’ current legal framework. The....
Unlike other cryptocurrencies, bitcoin was not premined and is in unique regulatory position to serve as property for institutions and individuals.