Digital Assets Should Get New Legal Category, Report Says

By Sophia Dourou (July 28, 2022, 5:15 PM BST) -- A separate legal category should be created for cryptocurrencies and non-fungible tokens, or NFTs, to bring English and Welsh law up to date with the digital asset category, an independent legal body recommended on Thursday.

The Law Commission proposed in a consultation paper a series of changes aiming to bring the law up to speed with the fast-changing technology. A key proposal is to create a distinct legal category of personal property, provisionally called "data objects." This will improve the way the law covers the unique features of digital assets, as well as outlining how that category can be developed and...

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