UK England

The United Kingdom is joining other countries worldwide in regulating digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and stablecoins. These assets are becoming more mainstream and now play a significant role in society.

UK Law Commission reviews law on digital assets

The UK government requested the Law Commission to review the law governing digital assets, given their dynamic and fast-changing nature. The proposals by the commission plan to create more recognition and protections for digital assets.

The UK has made some progress in regulating the cryptocurrency sector. However, the commission said that several major areas needed an amendment of the law to be recognized and to protect users’ rights while protecting them from the risks posed by digital assets.

The Law Commission shared its views in a recently released consultation paper that seeks the opinion of legal experts, technology professionals, and users. The commission’s report examines how personal property laws could apply to digital assets.

Digital assets are intangible and have several other features that differentiate them from physical assets. The unique features of digital assets show that they do not fit within the categories of private property.

Therefore, the commission argues that crypto regulations should recognize these unique features of the asset class. It will create a legal foundation for the digital assets space and users. Such changes would enable the legal system to create a conducive environment for digital assets and the entire market.

The proposals put forward by the commission will ensure that any legislation put forward for the crypto space will be dynamic, competitive, and flexible. It will also support transactions and other processes involving crypto technology. Solid crypto regulations will also allow the UK to become a primary hub for cryptocurrency activities.

Growth of crypto activities in the UK

The UK is one of the largest cryptocurrency hubs globally. The Financial Conduct Authority (FCA) regulates the UK’s crypto landscape. However, the regulator has not created a fully regulated crypto landscape despite many users that buy Bitcoin and other cryptocurrencies on local exchanges.

The Law Commissioner for Commercial and Common Law, Sarah Green, said that digital assets, like NFTs and other cryptocurrencies, have evolved significantly at a tremendous speed. Therefore, the laws needed to change simultaneously to accommodate these assets.

She added that the proposal tabled by the commission planned to create a robust regulatory framework that is consistent and protects users while protecting the environment. It was also crucial to set up the correct legal foundations to support emerging technologies’ growth instead of stifling them.

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