CORRECTION: The Law_Commission of England and Wales wants crypto and NFTs to be covered under property laws, which could protect investors against losses through hacks and system failures. By camomileshumba
In the consultation paper, which invites views from legal and tech experts, the commission steers clear of cryptocurrencies that function simply as means of payment. Instead, it focuses on digital assets that can be traded, used to represent other assets or used as stores of value.
“The law must therefore go further to acknowledge these unique features, which in turn would provide a strong legal foundation for the digital assets industry and for users,” the commission said. To accommodate digital assets, the Law Commission is proposing the creation of a new category called “data objects” that would account for things composed of data in an electronic form like databases, software, digital records, domain names and crypto.
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