By Shelly Melancon (Switzerland)
The UK’s Law Commission has joined the debate on digital asset regulation. According to the agency, digital assets are very important in today’s society.
Therefore, it calls for a review of digital asset usage laws. The commission believes the reformation of the laws would protect the users.
Also, it would allow the state to maximize the full usage of these assets. By so doing, Wales and England can become an international hub for virtual assets.
Existing Digital Assets Laws Should Make Room For Growth
The Law Commission, a British regulatory agency, has issued a proposal paper. The proposal calls for the complete amendment of laws connected to digital assets.
Also, the body said it released the paper upon the government’s request to review the digital assets law. The Review aims to ensure these laws can house these assets as they keep expanding and evolving.
Additionally, the commission acknowledged the importance of digital assets to the modern economy. Therefore, it believes there is a need to make beneficial laws.
This would allow groups, companies, and individuals to engage online in new ways. Also, it noted that Wales and England are both taking giant strides to accommodate these nascent technologies such as NFTs and cryptocurrencies.
Also read:However, the commission believes several areas of the law still need amendments. These reforms would protect users and allow for full usage of virtual assets and their potential.
Law Commissioner Says Digital Assets Are Evolving
A law commissioner in Common and Commercial Law, Sarah Green, said the proposal is a welcome development. According to her, assets like crypto and NFTs gave evolved at a tremendous rate.
Hence, she argues that it is imperative to make laws that accommodate them. She added that:
“Our proposal is to develop a regulatory framework that will offer protection and consistency for users. Also, it aims to promote an encouraging environment for technological advancement.”
Furthermore, Green said the commission must direct its efforts toward these nascent technologies. This is because they need the right legal foundation to thrive.
According to her, she told the commission to avoid hasty regulations for digital assets. This is because it could have unexpected repercussions.
One of them is stifling the growth and development of such technologies. Green believes this would also turn Wales and England into a digital assets hub.
Meanwhile, the commission stated that individuals should send feedback by November 4th.
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