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<ul>
 <li>England Law Commission has recommended the government in classification of crypto assets.&nbsp;</li>
 <li>The crypto sector has witnessed regulatory advancements in several countries.</li>
</ul>
The UK’s Law Commission announced that it has initiated a new bill to evaluate the current classification of crypto assets. This announcement comes amid an increasing probability of the Bank of England initiating an interest rate-cut cycle on Wednesday. The Commission has stated that digital assets must be categorized in a different sub-category due to their properties.&nbsp;
Notably, the Commission published a report and draft bill stating that the assets need a sub-category within ‘personal property’. However, the England government’s advisory Commission states that the crypto assets don’t fall into both, physical assets and right-based assets. These two types of assets are the only sub-categories within personal property.&nbsp;
Accordingly, the draft bill recommends the legislation to confirm the presence of a third category in personal property. Previously, in June 2023, England Law Commission recommended that crypto assets must be considered as ‘personal property’. This new <a href="https://cloud-platform-e218f50a4812967ba1215eaecede923f.s3.amazonaws.com/uploads/sites/30/2024/07/Digital-assets-as-personal-property-supplemental-report-and-draft-Bill-web-version.pdf" target="_blank" rel="noopener noreferrer nofollow">supplement report and Draft bill</a> are an addition, altering some implications from previous reports.&nbsp;
The England Law Commission stated in their X account:&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This recommendation and the draft legislation, along with the other recommendations made in our June 2023 report, are now being considered by Government.”&nbsp;
</blockquote>
Moreover, this year has witnessed numerous advancements in the crypto regulatory sector on a global level. Several countries have scrutinized and initiated new laws for crypto assets apart from England.&nbsp;
<h3 class="wp-block-heading" id="h-how-is-the-global-crypto-regulatory-landscape-nbsp">How is the Global Crypto Regulatory Landscape?&nbsp;</h3>
In the past few months, the cryptocurrency sector in several countries has witnessed the scrutiny of its respective regulatory bodies. Notably, the USA’s <a href="https://thenewscrypto.com/artists-file-lawsuit-against-sec-over-uncertain-nft-regulations/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> has shown increased attention to the sector with multiple lawsuits on cryptocurrency firms. Presently, prominent crypto exchange Binance is battling a lawsuit against the SEC.&nbsp;
Meanwhile, the Indian government has announced that it will <a href="https://thenewscrypto.com/india-to-unveil-crypto-policy-discussion-paper-by-september/" target="_blank" rel="noopener noreferrer nofollow">unveil</a> a crypto policy discussion paper by September. Additionally, the Russian government <a href="https://x.com/The_NewsCrypto/status/1818248638201819329" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it would legalize cryptocurrency.&nbsp;Finally, the England Law Commission’s proposal can aid crypto regulations in the UK.&nbsp;
Highlighted Crypto News Today:&nbsp;
<a href="https://thenewscrypto.com/is-xrp-on-the-verge-of-a-major-breakout/" target="_blank" rel="noopener noreferrer nofollow">Is XRP on the Verge of a Major Breakout?</a>

England Law Commission Proposes New Classification for Crypto Assets

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