The reviewing of cryptocurrency regulations worldwide continues, this time the UK’s Law Commission is taking a stand.
The Law Commission of England and Wales, the independent Government body that reviews and recommends law changes, is looking into the cryptocurrency and digital asset regulations.
According to the statement shared on the Ministry of Justice website, the UK government has asked the Law Commission to provide recommendations for the reforms needed to allow the successful integration of cryptocurrencies and digital assets.
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The institution is set to review multiple existing legislations and propose law changes that will allow “this type of technology to flourish”.
In this step of revision, the Law Commission is asking for public consultation. The institution requests legal experts, users, and representatives of the technologies to provide their suggestions or views on crypto regulations.
Overall, the institution proposes a new category called “data objects” that includes cryptocurrency and digital assets.
By recognizing “data objects” as personal property, the government is set to establish grounds for laws of ownership, controls, transfers, and transactions among these “objects”.
Overall, the post shared on the official Law Commission website, states:
The Commission’s proposals aim to deliver wider recognition and legal protections for digital assets, allowing a more diverse range of people, groups, and companies to interact online and benefit from them.
The Commission argues that the majority of crypto assets are not tangible, therefore they have many distinctive features compared to physical assets. Due to this reason, laws that concern fiat money cannot be applied to digital assets.
Therefore, with the law overview, this institution seeks to find a way to acknowledge these unique features and adapt them to the crypto regulation laws.
With these regulations and laws in mind, the UK’s government aims to make England and Wales a “global hub for digital assets, and in particular, for crypto-tokens and crypto-token systems. ”
The United Kingdom is actively looking into adopting cryptocurrency as a payment method. Just recently, the UK’s government has given a green light to approve stablecoins as a legal method of payment.