The Law Commission of England and Wales has published a consultation paper on proposed reforms to the law surrounding digital assets including determining ownership. With the expansion of the metaverse, blockchain technology and the increasing use of cryptocurrency and NFTs, the law must be updated to account for their unique characteristics. A consultation on the subject seeks responses by November 4.
“It’s important that we focus on developing the right legal foundations to support these emerging technologies, rather than rushing to impose structures that could stifle their development,” said Professor Sarah Green, Law Commissioner for Commercial and Common Law.
Issues of legal title to cryptocurrencies have come to the fore with the current spate of bankruptcies following the crypto crash.
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