- The UK’s Law Commission has published some legislative recommendations on crypto.
- The commission wants crypto to be granted certain rights.
- The commission also advised the government on tackling the technical aspect of digital assets.
The United Kingdom ’s Law Commission has published a consultation on draft legislation seeking to recognize digital assets under a “distinct category of personal property.”
The development comes after the UK government asked the commission to recommend law reforms that accommodate cryptocurrencies and other digital assets while fostering responsible innovation.
On Thursday, the commission issued a final report on the matter.
UK Law Commission Sees Crypto as Property
In its final update , the Law Commission stated that digital assets are increasingly important in modern society, and market participants often treat them as objects of property, which deserve to be protected by personal property law in England and Wales.
The commission concluded that the common law system in England and Wales is sufficient to provide “a coherent and globally relevant regime” for digital assets.
“We conclude that the flexibility of common law allows for the recognition of a distinct category of personal property that can better recognise, accommodate and protect the unique features of certain digital assets (including crypto-tokens and cryptoassets). We recommend legislation to confirm the existence of this category and remove any uncertainty,” the commission wrote.The commission further advised the government to create a panel of industry experts to issue guidance on technical and legal issues relating to digital assets and provide market participants with legal tools to help them navigate the changing landscape.
Per the statement, the commission has published a consultation on draft clauses to implement these recommendations.
Read about the UK’s plan to regulate stablecoins and crypto staking:
UK Eyes Stablecoin and Crypto Staking Regulations
Stay updated on Crypto.com’s recent win in the UK:
Crypto.com Wins Electronic Money Institution License in the UK
