Advertisements
Home News UK legal body recommends new property law category for crypto assets

UK legal body recommends new property law category for crypto assets

by Joy

UK law can accommodate crypto assets by creating a new category of personal property that would include digital assets, independent body the Law Commission said on Wednesday.

Advertisements

In a report commissioned by the government, the Law Commission said digital assets such as cryptocurrencies and non-fungible tokens (NFTs) do not fit within the traditional categories of personal property.

Advertisements

As expected, the Commission proposed adding a third category of “digital objects” to the existing categories of personal property, which are “things in possession” (tangible assets like gold) and “things in action” (such as debt or shares in a company).

Advertisements

The group also said the government should create a panel of experts to advise courts on legal issues involving digital assets.

These steps would support the UK government’s aim of becoming a global hub for crypto assets, the Law Commission said in a statement.

Advertisements

You may also like

logo

Bilkuj is a comprehensive legal portal. The main columns include legal knowledge, legal news, laws and regulations, legal special topics and other columns.

「Contact us: [email protected]

© 2023 Copyright bilkuj.com