The Law Commission of England and Wales has launched a consultation on proposed legislation to classify cryptocurrencies and NFTs as property.
Crypto tokens and non-fungible tokens (NFTs) can be given property rights, a report from an independent statutory body states. The committee is calling on the public to provide feedback by March 22 to further advance the initiative.
The Law Commission highlighted the importance of personal property rights in the context of insolvency or unlawful interference and noted the unique challenges of digital assets.
Unlike traditional physical or rights-based assets such as bonds and financial securities, digital assets violate traditional personal property categories and therefore require a re-evaluation of existing legal frameworks.
The Law Commission is seeking insights for its ongoing project on digital assets and electronic trade documents within the scope of private international law, with the deadline for submissions being 16 May.
Commercial Law and Legal Education Commissioner Sarah Green said the digitization and decentralization of assets poses significant obstacles to current private international law mechanisms for resolving jurisdictional and legal conflicts.
The consultation aims to gather experiences and challenges in commercial and legal practice involving digital assets and electronic trade documents.
Feedback received will form the final proposals for the Cryptocurrency as Property Bill for government consideration and inform subsequent stages of law reform work, particularly in light of the recent enactment of the Electronic Trade Documents Act, which facilitates UK trade Digitization of documents. #加密货币 #英格兰
