Crypto News: UK Suggests Classifying Crypto as a New Type of Property

Crypto News: The Law Commission of England and Wales has proposed classifying cryptocurrencies and non-fungible tokens (NFTs) as a new category of property in a consultation paper issued Thursday.

 

Key Takes

• The Law Commission, an independent statutory agency tasked withreviewing and reforming laws, said that existing laws are far from robust to cover digital assets like cryptocurrencies and NFTs.

 

• Therefore, the commission recommended creating a new typeof property for “data objects” to apply private property laws to digital assets.

 

• This is because features of digital assets are so different from traditional physical assetsthat it would be difficult to apply personal property laws to them, the Commission explained.

 

• The Commission’s proposal aimsto create a strong legal framework for crypto and NFTs and turn the country into a global crypto hub.

 

• Paul Haswell, a partner with Seyfarth Shaw LLP, told Forkastthat if implemented, the Commission’s recommendation would provide “legal protection for the assets that you invest in”.

 

• The government has also appointed the Law Commission topropose rules for decentralized autonomous organizations (DAOs).

 

 

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