The U.K. Law Commission recommends law reforms to create distinct category for cryptocurrencies and digital assets.
The United Kingdom’s Law Commission is pushing for the creation of a ‘distinct’ category of personal property to accommodate and protect unique features of cryptocurrencies and digital assets.
Chief among the recommendations is the creation of a new and distinct category of personal property for digital assets. The Commission deliberately omitted clear boundaries for the proposed category, highlighting its belief that common law in the U.K. should be used to determine which digital assets would fall under this basket.
The Law Commission has also suggested the establishment of an industry-specific panel of technical experts, legal practitioners, academics and judges to give ‘non-binding advice’ to courts on various legal issues and considerations relating to the sector.The creation of a ‘bespoke legal framework’ is also part of the recommendation which aims to facilitate the operation and enforcement of collateral arrangements.
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