The UK’s Law Commission has proposed a new legal framework that would treat crypto as property. This new framework aims to clarify and safeguard digital assets under the law.
The move is reportedly set to strengthen the enforcement of property rights in cases involving crypto, offering better protection for individuals and businesses involved in the crypto market.
In addition, the proposed legal recognizes the distinctive characteristics of digital assets like crypto and introduces a third category of property within the common law of England and Wales.
More so, the Law Commission recommends courts seek guidance from an industry panel and form a multi-disciplinary team to assist market participants in safeguarding their assets.
This initiative is part of the UK’s strategy to enhance its position as a leading global financial center for digital assets. This is meant to attract tech development and establishing England and Wales as an attractive location for crypto firms.
Note that the Financial Services and Markets Bill has already set the stage for more comprehensive regulatory measures.