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In an effort to control a market that has evolved so quickly that it has been dubbed a "Wild West" by European Union authorities, the Law Commission of England and Wales, a statutory independent agency charged with examining and updating the law, has been evaluating existing legislation on digital assets.

The Law Commission has suggested legislative changes at the British government's request in order to give users of digital assets more recognition and legal protection.

public discussion

To make sure that it can accommodate them as the sector continues to develop and grow, the government has requested that the Law Commission review the legislation governing digital assets. As a result, the Law Commission published a request for opinions from users, technologists, and legal professionals.

In the consultation document, it is suggested that a new category be created for digital assets like cryptocurrencies and that personal property rules be applied to them.

The paper emphasizes the complexity of cryptocurrencies, non-fungible tokens (NFT), and other digital assets and makes the case that legislative change is necessary in a number of crucial areas to recognize and safeguard user rights and fully realize the promise of digital assets.

Under the Law Commissions Act of 1965, the government-free Law Commission was established with the goal of advancing legal reform. The Ministry of Justice sponsors this non-departmental public advisory council.

One More Category

The Law Commission considers that many digital assets, such as cryptocurrencies and NFTs, do not easily fit into the current system of private property law, which is one of the paper's main conclusions.

In order to account for items made of data in an electronic form, such as databases, software, digital records, domain names, and encryption, it is suggested that a new category be created called "data objects."

The Law Commission believes that by designating a specific legal category of personal property under the heading of "data objects" to suit the special characteristics of digital assets, a wider range of organizations and businesses will be able to take advantage of them.

The latter two suggestions make reference to the need to clarify the legal rules governing ownership and control of digital assets, while another idea advises developing various possibilities for the creation and deployment of "data objects" in accordance with current legislation.

Importantly, the Law Commission has suggested that a digital asset must be constituted of electronic data and meet other requirements, such as only being accessed by one person at a time, in order to qualify under the new category.

With a subsequent consultation on regulating additional sorts of crypto-assets anticipated later this year, Britain published a draft bill last week that will allow certain types of stablecoins to be regulated as a form of payment.

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