The UK Law Commission has recommended the development of legislation for crypto assets to position the country as a global center for cryptocurrencies and NFTs. The independent panel stressed the need for a comprehensive legal framework to support the growth of digital assets and enable diverse market participants to benefit from them. The report has been submitted to the UK government for consideration. Judge Geoffrey Vos and other prominent figures believe that updates to the legal system could make the UK an attractive destination for the crypto industry. The commission also called for clarity on the treatment of digital assets and proposed legislation to designate them as a distinct category of personal property. Additionally, the report expressed concerns about regulating retail trading and investment of unbacked crypto assets as a financial service, drawing parallels between crypto trading and gambling activities. The UK Treasury has previously expressed its ambition to become a leading global hub for cryptocurrencies.
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