UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Asse...
According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.” Several Key Areas Still Need to Be Reformed A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital....
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The legal review authority will work to compile law reform proposals for public consultation in the second half of 2023. The Law Commission of England and Wales will set about reviewing private international legal challenges involving cryptocurrencies through a government-commissioned project.The review, launched on Oct. 18, will provide clarity on how international law approaches emerging technologies like cryptocurrencies, digital assets and electronic documentation. The law reform project, dubbed "Digital Assets: Which Law, Which Court?" will outline current international legal rules....
Legal jurisdictional issues relating to cryptocurrencies and digital assets have necessitated a law reform project sponsored by the Ministry of Justice. The Law Commission of England and Wales hopes to establish the United Kingdom as a leading jurisdiction for grappling with legal disputes involving emerging technologies like cryptocurrencies, digital assets and electronic documentation.The project, dubbed "Digital Assets: Which Law, Which Court?" was announced on Oct. 18 with the aim of reviewing international legal challenges involving cryptocurrencies and providing recommendations for....
“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said. The Australian government is seriously consider the rollout of central bank digital currency (CBDC) and has backed numerous forward-looking regulatory crypto-proposals as part of a new “payments and crypto reform plan.”Treasurer Josh Frydenberg says the reforms "will firmly place Australia among a handful of lead countries in the world."The reform plan is said to be the biggest shake-up of the....
“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....
The Australian government is looking to update its anti-money laundering laws to include bitcoin and other digital currency exchanges. According to a consultation document published this week by the Australian Attorney-General’s Department, the government wants to begin drafting legislative proposals by the middle of next year. The goal is to begin finalizing that legislation in 2018. To get there, the government is soliciting public comment on the proposal, which comes amid a broader push to revise the country's money laundering laws, between now and the end of 2017. For now, the proposal....