Law Commission for England and Wales proposes reforms for digital assets
The U.K. Law Commission called for cryptocurrencies and digital assets to be classed as “data objects” in new reforms aimed at fostering growth and legal protection. The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users.The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in reach and use. The Law Commission announced the call for public consultation from....
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The U.K Law Commission has now proposed changes with an intention to clarify what exactly crypto property laws are. In the middle of the crypto regulations, U.K. Law Commission wishes to educate about how exactly property laws apply to cryptocurrencies in England and Wales. The Law Commission of England and Wales’ consultation paper had disclosed […]
“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 proposal from England’s Law Commission outlines a new form of property for digital assets, custodial operations, and a framework for legal proceedings.
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....
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....