UK Commission Clarifies The Crypto Property Law

The U.K Law Commission has now proposed changes with an intention to clarify what exactly crypto property laws are. In the middle of the crypto regulations, U.K. Law Commission wishes to educate about how exactly property laws apply to cryptocurrencies in England and Wales.

The Law Commission of England and Wales’ consultation paper had disclosed the proposal to position digital assets and non-fungible tokens (NFTs) under the U.K. property laws.

The U.K. government is planning to form and initiate a regulatory framework for cryptocurrencies which is not available at the moment.

Having an established and “robust” legal foundation within a “conducive” environment will be fitting for all crypto stakeholders and it is an agenda for the Commission.

Commercial and Common Law Commissioner, Sarah Green has mentioned,

Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them.

Crypto Tokens And NFTs Play Important Role In The Society

The U.K Law Commission has mentioned that digital assets such as crypto tokens and non-fungible tokens which are special blockchain tokens have especially important roles in the modern society. As per a post by the Law Commission, the government of U.K. has been trusted with a responsibility of reviewing the law to make sure that digital assets are taken into consideration.

This is because digital assets will continue to evolve and expand as stores of value, forms of payments, equity or debt securities. The crypto-friendly proposal has been constructed in part to help the U.K government to achieve its mission of transforming the country into a global crypto hub.

The commission’s proposals, however, will not apply in Scotland or Northern Ireland as they cater to their individual legal systems. In the previous week, the financial regulators have proposed rules to Parliament that is supposed to recognize stablecoins, these are asset backed cryptos and are legal means of payment.

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