The Law Commission of England and Wales has advised the UK government to classify all cryptocurrency assets as a distinct form of personal property. In its final report on digital assets, the independent body highlighted the shortcomings of the current classification system, which could complicate legal disputes involving crypto assets. The commission proposed the creation of a new legal category to ensure clear and enforceable property rights for cryptocurrencies and non-fungible tokens. A draft bill has been put forward to establish this third category, allowing courts to develop specific rules for crypto assets. The UK government is currently reviewing the recommendation and draft legislation. Additionally, the Bank of England and the Financial Conduct Authority have introduced a Digital Securities Sandbox to test blockchain technology for trading digital securities like shares and bonds. Read more AI-generated news on: https://app.chaingpt.org/news

#NFT