Britain should create a new category of private property law for digital assets like cryptocurrencies which are being used to make payments or represent other assets, independent body the Law Commission proposed on Thursday.
Rishi Sunak said in April when he was finance minister he wanted to make Britain a global hub for crypto asset technology. He asked the Law Commission to review whether current laws can accommodate digital assets.
"Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation," said Sarah Green, the Law Commissioner for commercial and common law. To come under the new category, a digital asset must be composed of electronic data and meet other criteria, such as only being used by one person at a time, the Commission proposed in a paper put out to public consultation.
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