Crypto News: UK Suggests Classifying Crypto as a New Type of Property

Written by C, Fiona

Last updated: 2022-07-29

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Crypto News: The Law Commission of England and Wales has proposed classifying cryptocurrencies and non-fungible tokens (NFTs) as a new category of property in a consultation paper issued Thursday.

Key Takes

The Law Commission, an independent statutory agency tasked withreviewing and reforming laws, said that existing laws are far from robust to cover digital assets like cryptocurrencies and NFTs.

Therefore, the commission recommended creating a new typeof property for “data objects” to apply private property laws to digital assets.

This is because features of digital assets are so different from traditional physical assetsthat it would be difficult to apply personal property laws to them, the Commission explained.

The Commission’s proposal aimsto create a strong legal framework for crypto and NFTs and turn the country into a global crypto hub.

Paul Haswell, a partner with Seyfarth Shaw LLP, told Forkastthat if implemented, the Commission’s recommendation would provide “legal protection for the assets that you invest in”.