Law Commission Seeks Input on Digital Assets Legislation

Policy | Feb 27, 2024

New Legislation Consultations on Digital Assets:  The Law Commission

The Law Commission has embarked on two significant consultations regarding digital assets and their integration into private international law and personal property rights. These consultations aim to address the legal challenges presented by digital assets, such as crypto-tokens and non-fungible tokens (NFTs), and to propose legislation that reflects the unique nature of these assets. 

See:  The Complexities of Auditing Digital Assets

By engaging with stakeholders and the public, the Law Commission seeks to develop a legal framework that supports innovation while providing clarity and protection for digital asset users and investors.

1. Call for Evidence on Digital Assets and ETDs

The Law Commission is gathering evidence to understand the challenges digital assets and electronic trade documents (ETDs) pose for private international law. This consultation aims to explore jurisdictional and applicable law issues for disputes involving digital assets across borders. 

Stakeholders are encouraged to share their insights by 16 May 2024

Respond here: Digital Assets Call for Evidence.

2. Draft Legislation on Digital Assets as Personal Property 

Following a report in June 2023, the Law Commission proposes draft legislation to recognize digital assets, including crypto-tokens and NFTs, as a new category of personal property. This consultation seeks feedback on the draft clauses and their potential impact, aiming to adapt property law to the digital age. 

Contributions Deadline 22 March 2024

Participate in the consultation: Digital Assets Legislation Consultation.

Why It Matters

These consultations are to help shape the future legal framework around digital assets, ensuring they are recognized and protected under law. By establishing clear legal definitions and rights for digital assets, the proposed legislation aims to foster innovation, enhance legal certainty for users and investors, and address the unique challenges posed by the digital economy.

See:  UK Launches Pioneering Digital Securities Sandbox

This is a crucial step towards integrating digital assets into the broader legal and economic landscape, reflecting their growing importance in global commerce and society.

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