The Law Commission of England and Wales has proposed a new legal classification for crypto assets, recommending they be recognised as a distinct form of personal property. The current legal framework categorises personal property into tangible and intangible and does not adequately address the complexities of digital assets like cryptocurrencies and NFTs. The Commission suggests creating a “third category” specifically for digital assets to resolve this, ensuring clearer and enforceable property rights. A draft bill has been issued to outline this framework, with further development delegated to the courts. This proposal is under government review, alongside a consultation by the Bank of England and the FCA on using distributed ledger technology for digital securities. The initiative aims to modernise legal structures, supporting the growth and stability of the digital assets sector in England and Wales.
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