UK Law Found Suited to Embrace Cryptocurrency: Law Commission Review Reveals

By Lola Coin Jun 28, 202384Views

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The Law Commission of England and Wales has recommended reforms to the law on digital assets in order to secure the UK’s position as a global hub for cryptocurrencies. The commission’s report calls for the development of a distinct category of personal property that can accommodate digital assets, such as NFTs and crypto-tokens. It also suggests creating a panel of industry experts to provide guidance on technical and legal issues related to digital assets. The commission further recommends the creation of a legal framework to facilitate collateral arrangements involving crypto-tokens and crypto-assets. The aim of these reforms is to provide greater clarity and security for users and market participants and attract technological innovation to the UK. The government will now consider these recommendations.

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