UK Law Commission refines the law on digital assets. On 28 July, the Law Commission proposed changes in the law.
The UK Law Commission’s Proposals On Digital Assets
The UK Law Commission received a request from the government to review the law on digital assets.
The U.K. Law Commission – a statutory independent body tasked with reviewing and updating the law – wants to extend the country’s property rules to cover crypto and non-fungible tokens (NFT), according to a consultation paper published Thursday.
— OneCash (@OneCashWallet) July 28, 2022
They stated, “The Government asked the Law Commission to review the law on digital assets to ensure that it can accommodate them as they continue to evolve and expand.”
As digital assets have grown in modern society, the UK Law Commission’s proposals want to spread information regarding digital assets and legal protections. As well as allowing people and businesses to “interact online and benefit from them.”
Professor Sarah Green, the Law Commissioner for Commercial and Common Law, declared, “Our proposals aim to create a legal framework that offers greater consistency and protection for users and promotes an environment that can encourage further technological innovation.”
Even though the law has anticipated the rise of technology, some areas need “law reform” to ensure the potential of digital assets. The Law Commission also examines “how existing personal property law does — and should — apply to digital assets.”
Proposals by The Law Commissions in the Consultation Paper
The Law Commission includes some points regarding digital assets.
First, the Law Commission presents a distinct category of personal property called Data Objects. Second, developing and implementing this distinction category under current law. Next is clarifying the law about ownership and transactions in digital assets.
After the news has dropped, people in the community look forward to seeing the new updates.