UK Law Commission Proposes New Property Class for Crypto Assets
The Law Commission of England and Wales has urged its government to categorize all crypto assets as a new form of personal property in its final report on digital assets. The Law Commission, an independent body tasked with reviewing and recommending law reform in England and Wales, published a supplementary report on July 30th highlighting the inadequacies of the current classification of personal property and its legal implications for crypto assets. UK law divides personal property into two broad categories: possessions (tangible property) and chattels (intangible property, such as debts or rights). The Commission believes that digital assets, including cryptocurrencies and non-homogenized tokens, can be both and hinder dispute resolution in court proceedings.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Benchmark analyst reiterates "Buy" rating on Japanese crypto company Metaplanet

GAIN official: Investigating issues related to abnormal token over-issuance
Data: 10 addresses received a total of 210,000 ETH within 6 hours, worth approximately $863 millions.