According to CoinDesk, the Law Commission of England and Wales, funded by the UK Ministry of Justice, stated in a report released on Wednesday that the UK should create a customized legal framework for the use of cryptocurrencies as collateral, which will go beyond the UK’s existing traditional financial collateral arrangement regulations.

The committee also called on the UK to treat crypto assets as a new type of property and hoped that the government would set up a group of industry-specific technical experts, legal practitioners, academics and judges to provide advice to the courts on complex legal issues related to digital assets.