• The Law Commission of England and Wales recently released a paper on crypto ownership rights, which has been praised by politicians and the legal sector.
• However, while the report is seen as a step in the right direction for decentralized assets, lawyers say it won’t resolve other legal uncertainties such as developer liability.
• It also won’t address some parties to crypto litigation, such as Bitcoin developers sued by Craig Wright.
The Law Commission Report on Crypto Ownership Rights
The Law Commission of England and Wales recently released a paper on crypto ownership rights, which has been praised by politicians and the legal sector for its potential to help protect digital asset holders. The proposals from the report include new legislation that could give individuals an extra way to recoup their losses in cases of fraud or bankruptcy involving cryptocurrencies.
Crypto Legal Uncertainty
Despite being seen as a step in the right direction for decentralized assets, current legal uncertainties remain unresolved. Lawyers say that while it offers an extra layer of protection for token owners, the proposal does not address other legal concerns such as developer liability or other parties to crypto litigation like Bitcoin developers who are being sued by Craig Wright.
APPG Welcomes Proposals
The All Party Parliamentary Group (APPG) on Crypto and Digital Assets welcomed the work done by the Law Commission for this important area in their recent inquiry report. Chair Lisa Cameron urged the government to “move quickly” with implementing these laws in order to provide clarity for both regulators and industry actors alike. She expressed her belief that these reforms would enable U.K.’s ambition of becoming a global hub for cryptocurrency and digital assets businesses.
Legal Reforms Needed
Although this proposal is seen as a positive step forward for decentralization advocates, lawyers argue that there is still plenty of work left to be done before true legal certainty can be achieved around cryptocurrencies within U.K.’s jurisdiction – especially when it comes to protecting developers from liability suits like those filed against Bitcoin devs by Craig Wright.
The recent paper from The Law Commission of England and Wales has been met with praise from politicians and industry leaders alike – though its limited scope means that its ability to resolve broader legal issues surrounding cryptocurrencies remains unclear at this time. Nevertheless, many agree that these proposed reforms are necessary steps towards making U.K.’s ambitions become reality when it comes to establishing itself as one of world’s top hubs for cryptocurrency business activity and development