UK Law Commission publishes proposals to reform laws on digital assets – says reforms must not ‘stifle development’ – Bitcoin News Regulator

According to the Legal Committee, the UK’s legal body, digital assets play an increasingly important role in modern society, and therefore, the law relating to these assets must be reviewed. Reforming laws would not only protect the rights of users and maximize the potential of digital assets, but could also make England and Wales a “global hub for digital assets.”

Several major areas still need reform

The Law Commission, a British legal body, has issued an advisory paper proposing to reform the law relating to digital assets. The committee said the release of the paper follows a request from the government “to review the digital assets law, to ensure that it can accommodate it as it continues to evolve and expand.”

in version statementThe Legal Committee acknowledged that digital assets “play an increasingly important role in modern society.” As a result, there is a need to draft laws that allow “a more diverse range of people, groups, and businesses to interact and benefit from the Internet.”

While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies such as cryptocurrencies and non-fungible tokens (NFT), the commission claimed that there are “several key areas” of the law that still need reform. These reforms will protect the rights of users and maximize the potential of digital assets.

Commenting on the commission’s proposals, Sarah Green, Legal Commissioner for Commercial and Common Law, said:

Digital assets such as NFTs and other crypto tokens have evolved and proliferated very quickly, so it is imperative that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that provides greater consistency and protection for users and fosters an environment capable of encouraging further technological innovation.

Develop the right legal foundations

Green also emphasized the importance of directing the committee’s efforts towards “developing the right legal foundations to support these emerging technologies.” She suggested that the Commission avoid rushing to impose a regulatory regime as this might have the unintended consequence of stifling further development of these technologies.

By doing so, both England and Wales can “reap the potential rewards and position themselves as a global hub for digital assets.” Meanwhile, the Legal Commission said in the statement for those who wish to hand it over Response You must do so by November 4.

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

photo credits: Shutterstock, Pixabay, Wikicommons

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