UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets — Says Reforms Must Not ‘Stifle Development’

According to the Law Commission, the United Kingdom statutory body, integer assets play an progressively important relation successful modern nine and arsenic such, the instrumentality relating to these indispensable beryllium reviewed. Reforming the laws volition not lone support the rights of users and maximize the imaginable of integer assets but tin perchance presumption England and Wales “as a planetary hub for integer assets.”

Several Key Areas Still Need to Be Reformed

A British statutory body, the Law Commission has released a consultation insubstantial wherein it proposes to betterment the instrumentality relating to integer assets. The committee said the merchandise of the insubstantial follows a petition by the authorities for it “to reappraisal the instrumentality connected integer assets, to guarantee that it tin accommodate them arsenic they proceed to germinate and expand.”

In a precocious released statement, the Law Commission acknowledged that integer assets “play an progressively important relation successful modern society.” As a consequence, determination is simply a request to trade laws that let “a much divers scope of people, groups, and companies to interact online and payment from them.”

While acknowledging that some England and Wales person already taken steps to accommodate emerging technologies similar cryptocurrencies and non-fungible tokens (NFT), the committee claimed determination are “several cardinal areas” of the instrumentality that inactive needs to beryllium reformed. Such reforms volition “protect the rights of users and maximize the imaginable of integer assets.”

Commenting connected the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:

Digital assets specified arsenic NFTs and different crypto-tokens person evolved and proliferated astatine large speed, truthful it’s captious that our laws are adaptable capable to beryllium capable to accommodate them. Our proposals purpose to make a beardown ineligible model that offers greater consistency and extortion for users and promotes an situation that is capable to promote further technological innovation.

Developing the Right Legal Foundations

Green besides emphasized the value of directing the commission’s efforts towards “developing the close ineligible foundations to enactment these emerging technologies.” She suggested the committee should debar rushing to enforce a regulatory authorities arsenic this whitethorn person an unintended effect of stifling the further improvement of these technologies.

By doing this, some England and Wales “could reap the imaginable rewards and presumption itself arsenic a planetary hub for integer assets.” Meanwhile, successful the statement, the Law Commission said those that privation to springiness it feedback indispensable bash truthful by November 4.

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.