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UK Releases Reform and Development Recommendations for Digital Assets Law

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The independent body of the UK, The Law Commission has published its “proposals to reform and develop the law on digital assets.”

According to a reliable news outlet, this new statement by the UK Law Commission came just 1 year after it published a consultation paper that proposes the reform of the regulations binding digital assets.

Reports show that late in July last year, the UK Law Commission published a consultation paper which was followed by a request from the authorities.

They were asked to review the digital assets laws to make sure that the laws can accommodate them while it keeps on evolving and expanding.

Through its latest release, the statutory entity stated that its recommendations sought to aid the United Kingdom secure its place as a global cryptocurrency hub.

Moreover, it plans to provide an intensive legal basis for digital assets which will enable the new technologies to prosper.

Supposedly, the recommendations by the commission seek to allow various levels of market players to transact with and benefit from the technologies and digital assets.

READ ALSO:UK Law Commission Contemplates Amendments to Crypto Assets Property L

What is UK’s Vested Interest In The Law Reforms?

According to the Law Commissioner for Commercial and common law, Sarah Green’s statement, the country wants to make sure that the law remains an adjustable instrument that allows more technological innovations.

She further says that “our proposals for the law reform and development seek to strengthen the legal basis of digital assets.

Moreover, we aim to make sure that England and Wales’s private law remains a flexible, globally competitive, and dynamic tool that allows more technological innovations.”

In addition, the United Kingdom Minister of Justice, Mike Freer stated that “as per the consultation process findings, the stability of the English and Welsh law in accommodating the rapid changes brought by upcoming technologies in the law sector is proven.” 

Overall, reports disclose that England and Wales’s common law is actually in the position to offer a clear and internationally applicable standard for existing and new forms of digital assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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