On 28 July 2022, the Law Commission of England and Wales (the “Commission”) published a consultation paper (the “Paper”) on Digital Assets where it considers property rights issues, and specifically, private personal property law, in relation to digital assets (“Digital Assets”). The Commission acknowledges the importance of Digital Assets in a modern society and discusses how the evolvement of legal regulatory development can enable Digital Asset technology to continue to evolve for the future. While the law of England and Wales does accommodate Digital Assets, certain areas of the law need reform to ensure that Digital Assets benefit from legal recognition and protection, such as new reforms on personal property law and how it applies to Digital Assets…

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The Commission’s recommendations are designed to ensure that the law remains dynamic, operative, competitive, and flexible, so that it can support transactions or other arrangements involving the technology. The Commission aims to deliver wider recognition and legal protections for Digital Assets, in turn allowing a diverse range of people, and companies to interact and benefit from Digital Assets, encouraging and furthering technological innovation.

The consultation remains open for interested parties to submit their responses using the online form or by emailing digitalassets@lawcommission.gov.uk by 4 November 2022.

To access the Consultation Paper, click here.

For more information, and any guidance or advice on the reform of the law relating to Digital Assets, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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