UK Law Commission sees cryptocurrency as a new type of property

UK Law Commission sees cryptocurrency as a new type of property

2022/7/28

The U.K. Law Commission wants to expand the country's property rules to cover cryptocurrencies and NFTs, according to a consultation paper published Thursday, according to reports. In addition to legally defining digital assets as personal property, the proposed reforms could make it easier for crypto investors to claim losses in hacks or scams through legal action. Part of the purpose of the seemingly crypto-friendly proposal is to help the government achieve its goal of turning the country into a global cryptocurrency hub. To accommodate digital assets, the Law Commission proposes to create a new category called "data objects" that would explain t" ings made up" of data in electronic form such as databases, software, digital records, domain names, and encryption.

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