-- Members of the House of Lords have expressed support for the Digital Asset Ownership Bill introduced by the Law Commission.
-- The bill will help resolve legal disputes, Crypto .
-- The Lords also called on the new Labor government to bring more clarity to the issue of Crypto .
Members of Britain's upper house of parliament on Wednesday gave their second reading support to the #Digitalasset Ownership Bill.
The Greater House of Lords committee generally believed the bill would bring more clarity to how the legal system will treat Crypto , and could be another step forward for the country that paves the way for Crypto use in the country.
The UK introduced the bill in September. It was drafted by the Law Commission, an independent statutory body. The bill adds a new category of “thing” to the categories that fall under property to help resolve legal disputes, Crypto .
“This supports our efforts to ensure that our jurisdiction remains at the forefront of the world by providing a flexible legal framework that can respond to the dynamic nature of digital assets and other new technologies,” said Lord Frederick Ponsonby of Shulbreda.
According to Ponsonby, the bill will not only help judges in criminal proceedings when their Crypto has been stolen through fraud or hacking, but will also help in the division of marital property.
“The bill is brief in nature but could have an extremely important impact,” said Lord Chris Holmes of Richmond.
John Thomas, also known as Baron Thomas of Coomgidd, agreed that the Law Commission Bill represented a “critical change” and called for it to be made internationally competitive, which Ponsonby believes is the case.