Fun

England’s Law Commission proposes new property category for crypto assets

News Feed - 2024-07-31 05:07:38

Arijit Sarkar3 minutes agoEngland’s Law Commission proposes new property category for crypto assetsThe Law Commission"s final report advocates for legal reforms to better protect the unique features of digital assets.25 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Law Commission of England and Wales urged its government to categorize all crypto assets as a new form of personal property in its final report on digital assets.


The Law Commission is an independent body primarily tasked with reviewing and recommending law reforms in England and Wales. On July 30, it published a supplemental report highlighting the inadequacy of the current categorization of personal property and its legal implications on crypto assets.Source: Law Commission (England and Whales)Demand for a new type of personal property


English law categorizes personal property into two main types: things in possession (tangible property) and things in action (intangible property, such as debts or rights). The Commission argued that digital assets, including cryptocurrencies and non-fungible tokens, can possess both qualities and hinder dispute resolution in court proceedings.


As a result, it recommended the creation of a “third category” that ensures property rights related to crypto assets are clear and enforceable:“We conclude that the flexibility of common law allows for the recognition of a distinct category of personal property that can better recognize, accommodate and protect the unique features of certain digital assets (including crypto-tokens and crypto assets).”


The Commission issued a draft bill demanding a separate category for crypto assets to help create a robust legal framework and aid the growth of the digital assets sector in England and Wales.A draft bill for the creation of a “third category” of personal property rights dedicated to crypto assets. Source: Law CommissionEngland and Wales regulators to review the draft bill


The draft bill leaves it to the courts to develop the third category for crypto assets, which could be amended in the future without disrupting the legal proceedings of other forms of personal property.


Related:Bank of England to experiment with wholesale CBDC, synchronization


The Commission said that the government is currently considering the recommendation and the draft legislation.


The Bank of England and the UK’s financial regulator, the Financial Conduct Authority, recently issued a consultation on the draft guidance for their Digital Securities Sandbox.


According to the joint consultation and draft guidance released on April 3, the sandbox is designed to allow participants to test distributed ledger technology for trading and settlement of digital securities such as shares and bonds.


Magazine:Decade after Ethereum ICO: Blockchain forensics end double-spending debate# Law# Adoption# Legislation# Bank of England# United Kingdom# Virtual Property# Bills# Intellectual Property# RegulationAdd reaction

News Feed

Turner Wright3 hours agoDelaware authorities refer fake BlackRock XRP trust filing to state’s Justice DepartmentState authorities may investigate the fake BlackRock “iShares XRP Trust” registration following a refe
Sushiswap Smart Contract Bug Results in Over $3M in Losses; Head Chef Says Hundreds of ETH Recovered
Sushiswap Smart Contract Bug Results in Over $3M in Losses; Head Chef Says Hundreds of ETH Recovered According to several reports, a bug introduced to the decentralized exchange (d
Bitcoin ‘explosive move’ looms as Bollinger Bands reach tightest points
Ciaran Lyons3 hours agoBitcoin ‘explosive move’ looms as Bollinger Bands reach tightest pointsA key Bitcoin trading indicator has hit its “tightest point” in a year. The last time it happened, Bitcoin pumped 20%
Tiger King’s Archnemesis Big Cat Rescue Accepts Bitcoin
Tiger King"s Archnemesis Big Cat Rescue Accepts Bitcoin The number one show on Netflix in the U.S. right now is a television series called “Tiger King: Murder, Mayhem and M
Don’t Fade Dogecoin! – Analyst Says DOGE Is About To Rally
Este artículo también está disponible en español. Dogecoin is on the verge of breaking out from a 23-day consolidation range, setting its sights on new local highs. The m
Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday
Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday AVAX was one of the biggest movers in crypto markets on Thursday, as prices fell by over 10%, hitting a two-week low in the
Swiss Regulator Approves First Crypto Fund: Asset Manager Says ‘It’s an Exceptional Achievement’
Swiss Regulator Approves First Crypto Fund: Asset Manager Says "It"s an Exceptional Achievement" Switzerland’s Financial Market Supervisory Authority (FINMA) has approved th
During September DBX Will Be Listed on the World’s Major Crypto Exchanges
During September DBX Will Be Listed on the World"s Major Crypto Exchanges press release PRESS RELEASE. TALLIN, ESTONIA-T he most interesting event of this fall is the listing ofDBX
William Suberg9 hours agoBitcoin ‘Terminal Price’ hints next BTC all-time high is at least $110KIf history repeats itself, Bitcoin will easily be able to deliver a six-figure price next cycle, according to the on-cha
Leading Colombian bank launches crypto exchange and peso stablecoin
Prashant Jha12 hours agoLeading Colombian bank launches crypto exchange and peso stablecoinThe Colombian bank behind the crypto exchange claimed the platform was created after nearly a decade of study and research.1842 T
Paradigm leads $225M funding round for new ‘Solana killer’ L1
Zoltan Vardai10 hours agoParadigm leads $225M funding round for new ‘Solana killer’ L1Crypto VC Paradigm is leading a $225 million funding round into a new layer-1 as VC interest in crypto investments continues to ri
Crypto Tax Compliance Startup Taxbit Raises $100 Million, Targets International Expansion
Crypto Tax Compliance Startup Taxbit Raises $100 Million, Targets International Expansion U.S. crypto tax compliance startup Taxbit has raised $100 million in a