The Legislative Commission of England and Wales proposed to give cryptocurrencies the status of ownership
The Legislative Commission of England and Wales has announced that the existing legal and judicial system in the UK requires reform, as it does not have a sufficient basis for regulating both existing and new types of digital assets.
To eliminate gaps, the Legislative Commission recommends recognizing virtual assets as a separate category of personal property and creating a group of industry experts to advise courts on issues related to the turnover of cryptocurrencies.
The implementation of the recommendations will allow the UK authorities to improve the legal framework for regulating ownership of digital assets, ensure the safety of users and participants of the crypto market, strengthening the UK's position as a global cryptocurrency center.
Earlier, the Secretary for Economics of the UK Treasury, Bim Afolami, said that the government hopes to approve new rules for regulating stablecoins and staking services within the next six months.
