{"id":5987,"date":"2022-07-28T13:59:16","date_gmt":"2022-07-28T13:59:16","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5987"},"modified":"2022-07-28T13:59:17","modified_gmt":"2022-07-28T13:59:17","slug":"uk-law-commission-publishes-proposals-to-reform-laws-relating-to-digital-assets-says-reforms-must-not-stifle-development","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5987","title":{"rendered":"UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets \u2014 Says Reforms Must Not &#8216;Stifle Development&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales \u201cas a global hub for digital assets.\u201d<\/strong><\/p>\n<h2>Several Key Areas Still Need to Be Reformed<\/h2>\n<p>A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it \u201cto review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.\u201d<\/p>\n<p>In a recently released statement, the Law Commission acknowledged that digital assets \u201cplay an increasingly important role in modern society.\u201d As a consequence, there is a need to craft laws that allow \u201ca more diverse range of people, groups, and companies to interact online and benefit from them.\u201d<\/p>\n<p>While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are \u201cseveral key areas\u201d of the law that still needs to be reformed. Such reforms will \u201cprotect the rights of users and maximize the potential of digital assets.\u201d<\/p>\n<p>Commenting on the commission\u2019s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:<\/p>\n<p>Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it\u2019s vital that our laws are adaptable enough to be able to accommodate them. 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.<\/p>\n<h2>Developing the Right Legal Foundations<\/h2>\n<p>Green also emphasized the importance of directing the commission\u2019s efforts towards \u201cdeveloping the right legal foundations to support these emerging technologies.\u201d She suggested the commission should avoid rushing to impose a regulatory regime as this may have an unintended consequence of stifling the further development of these technologies.<\/p>\n<p>By doing this, both England and Wales \u201ccould reap the potential rewards and position itself as a global hub for digital assets.\u201d Meanwhile, in the statement, the Law Commission said those that wish to give it feedback must do so by November 4.<\/p>\n<p><em><strong>What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/uk-law-commission-publishes-proposals-to-reform-laws-relating-to-digital-assets-says-reforms-must-not-stifle-development\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5987"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5987\/revisions"}],"predecessor-version":[{"id":5989,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5987\/revisions\/5989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5988"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}