The Commission

DeFi

Planet

April

<div class="intro-text">
 The Law Commission of England and Wales has <a style="color: #0000ff;" 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" rel="noopener noreferrer nofollow">recommended</a> that the government establish a new category of personal property to encompass crypto assets. 
</div>
The independent body, which reviews and suggests legal reforms, highlighted the shortcomings of the current property classifications in addressing the complexities of digital assets in a recent report.
Currently, English law categorizes personal property into two types: tangible property (things in possession) and intangible property (things in action, such as debts or rights). The Commission argued that this binary classification inadequately addresses the dual nature of digital assets like cryptocurrencies and non-fungible tokens (NFTs), which can exhibit both tangible and intangible characteristics, leading to complications in legal disputes.
To address these issues, the Commission proposed the creation of a “third category” of personal property. This new classification would clarify and enforce property rights related to digital assets. <a style="color: #0000ff;" href="https://twitter.com/Law_Commission/status/1818209163421401365?t=nEdJ7IogvJijLywCusihFQ&amp;s=19" rel="noopener noreferrer nofollow">The draft bill</a> issued alongside the report suggests that this category would allow courts to define and adapt the legal framework for crypto assets without affecting the regulation of other personal property types
The government is currently reviewing the proposal and the draft legislation.
This development aligns with recent initiatives in the UK’s financial sector concerning digital assets. The Bank of England (BoE) and the Financial Conduct Authority (FCA) recently <a style="color: #0000ff;" href="https://www.bankofengland.co.uk/news/2024/april/the-boe-and-fca-issue-joint-consultation-and-draft-guidance-on-the-digital-securities-sandbox" rel="noopener noreferrer nofollow">launched </a>a consultation on draft guidance for their Digital Securities Sandbox (DSS). This five-year pilot program aims to provide a controlled environment for testing distributed ledger technology (DLT) in the trading and settlement of digital securities, including shares and bonds.
This DSS initiative, announced on April 3, is expected to lay the groundwork for a new regulatory framework for securities settlement in the UK, potentially reshaping the landscape of digital finance.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/uk-law-commission-recommends-legal-reform-to-include-crypto-assets-as-a-new-property-class/" rel="noopener noreferrer nofollow">UK Law Commission Recommends Legal Reform to Include Crypto Assets as a New Property Class</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

UK Law Commission Recommends Legal Reform to Include Crypto Assets as a New Property Class

DeFi Planet

Andre artikler udgivet 31. jul. 2024

Terra (LUNA) Price Falls as Investors React to Network Outage and Loss Claims Deadline

Will Solana (SOL) and Mpeppe (MPEPE) Outperform the Market in July 2024?

XRP Outperforms Bitcoin, Ethereum To Rise As Top Gainer Today, Analyst Predicts 'Bullish Breakout...

SEC’s Latest Filing Could Alter the Legal Status of Solana

Starknet's ZKX Protocol Shuts Down Due to Low Use

Paris 2024 Olympics’ Wall of Fame: Top Brands Sponsoring the Games

Join our free newsletter for daily crypto updates!