The Law Commission of England and Wales has launched a consultation on proposed legislation to classify cryptocurrencies and NFTs as property. The independent statutory body emphasized the importance of personal property rights in relation to digital assets and is seeking public feedback by Mar. 22 to advance this initiative.

Cryptocurrencies and NFTs pose unique challenges in terms of property rights, especially in cases of insolvency or unlawful interference. The Law Commission is soliciting views on digital assets and electronic trade documents within private international law, with a submission deadline of May 16.

Commissioner Sarah Green highlighted the complexities that digitization and decentralization bring to current legal frameworks. The consultation aims to gather insights on commercial and legal practices involving digital assets to shape a proposed bill on crypto as property for government consideration.

This initiative follows the recent enactment of the Electronic Trade Document Act in the UK, which supports the digitization of trade documents. Stay updated on the latest developments in cryptocurrency and finance on Global Crypto News.

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