The Law Commission of England and Wales has taken a bold step forward with the publication of a consultation paper that attempts to include crypto assets into the legal domain as recognized forms of property. This is a very timely move, especially at a time when the UK economy has been declining much, to show the government’s response to the changing digital environment and set a firm future for digital asset transactions.
Recognizing Crypto as Property
Due to the popularity of digital assets, including cryptocurrencies and non-fungible tokens (NFTs) in the global market, the Law Commission has accepted the need to amend existing property laws. The proposal of the commission aims to include these digital entities in the legal concept of property thus ensuring that they receive the same legal protections as other assets.
This change is important to solve problems like insolvency, unauthorized interference, and transfer of digital assets that will provide a better legal position to t
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