The U.K.'s Law Commission wants there to be a distinct category of personal property in order to accommodate features of cryptocurrency and digital assets. The body made the recommendation to the British government after the government asked for a common law analysis on how legal frameworks in England and Wales can accommodate cryptocurrencies. The most important recommendation is that there is a law created that distinctly categorizes personal property for digital assets. - The Law Commission deliberately left our clear boundaries for that category so that common law in the U.K. can be used to determine which digital assets fall where.
- According to an announcement, the belief is that a new personal property category would be a "nuanced approach" to recognizing digital assets by the government.
- The Law Commission also suggested that the government bring in industry-specific experts to help advise courts on various legal issues relating to cryptocurrency.
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