The England and Wales Law Commission is looking to expand its ownership rules to include cryptocurrencies and Non-Fungible tokens (NFT).
Today, in many countries, cryptocurrencies and NFTs are not valued as legal property of individuals. But in the cryptocurrency market increasing volumes and every day that joins the network new userspushes states towards new legal regulations. England and Wales Law Commission was another authorized institution that took steps in this direction.
Institution, Thursday, 28 July in an official statement on property rules He stated that he wanted to expand to include cryptocurrencies and NFTs.
UK Commercial and Civil Law officer Sarah Green In an interview with CoinDesk,
Many people only invest in NFTs, but ‘what happens when things go wrong?’ they don’t ask the question. It’s not clear what will happen if you go into my wallet and get my Bitcoin, or if this system fails and I somehow can’t access my Bitcoin.
made statements.
In a statement made by the Commission, this crypto-friendly proposal is partly United Kingdom government of the country transforming it into a global crypto hub stated that it aims to help its target. However, these recommendations of the commission, Scotland and North Ireland in the land will not be valid.
The commission, which presents the opinions of legal and technology experts, acting only as a means of payment stays away from cryptocurrencies. Instead, it aims to focus on cryptocurrencies and NFTs that can be used to represent other tradable assets or have functionality as a store of value.
The government also removed the commission from blockchain-based community governing bodies. decentralized autonomous organizations (DAO) asked him to investigate possible legal arrangements for According to this statement, once the government’s crypto-assets project is completed, Expected to seek new laws for DAOs.
The UK, which is currently seeking laws on stablecoins, has to embody these bills as required by the legal system. to 18 months known to have.