The Law Commission of England and Wales has embarked on a consultation process to explore the idea of recognizing cryptocurrencies and NFTs (non-fungible tokens) as forms of property under proposed new laws.
In a statement by the independent statutory body, it was highlighted that there is potential for crypto tokens and NFTs to be granted property rights. The commission is inviting responses from the public until March 22 to advance this proposal.
The commission emphasized the critical role of property rights in scenarios such as bankruptcy or illegal interventions, pointing out the distinct challenges posed by digital assets. Digital assets, which differ from traditional tangible assets or those based on rights like debts and financial securities, challenge the traditional categories of personal property, prompting a
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First found on: UK Law Commission Seeks Public Input on Recognizing Cryptocurrencies and NFTs as Property
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