England And Wales Issued A Consultation Paper On The Cryptocurrency Market
As the crypto and blockchain industry continues to become increasingly mainstream, the Law Commission of England and Wales has issued a consultation paper on the cryptocurrency market, addressing numerous components of the digital asset class.
The document primarily focuses on reforming laws governing certain virtual assets as property rights objects. Comments and responses will be accepted by the Law Commission until November 4th, 2022.
For cryptocurrencies and NFTs, the consultation paper analyzes private law principles as well as private property laws. It claims that digital assets and any associated technologies have the potential to create an Internet of property.
Moreover, property rights conferred on an asset class aid in the official characterization of several modern and complex legal relationships. As per the paper, these rights would play a vital role in insolvency cases along with situations involving the vesting of property on personal bankruptcy, succession on death, and finally tracing in cases of theft, fraud, or any other type of breach of trust.
In a nutshell, the document aims to officially define digital assets and the role they will play going forward. The main goal is to ensure that investors are protected at all times and that there are laws and regulations put in place to help those affected by fraudulent activities.
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