According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”
Several Key Areas Still Need to Be Reformed
A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”
In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.”
While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are “several key areas” of the law that still needs to be reformed. Such reforms will “protect the rights of users and maximize the potential of digital assets.”
Commenting on the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:
Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that offers greater consistency
