UK Law Commission Seeks Clarity on Treatment of Crypto Assets
In a statement on Wednesday, June 28, the independent panel noted that the long-awaited recommendations “aim to provide a comprehensive legal foundation for digital assets, which will allow these new technologies to flourish, enabling a diverse range of market participants to interact with and benefit from them”. advertisement The report has been forwarded to the UK government which will take the final call on whether or not to adopt the recommendations. In April last year, the UK Treasury expressed its desire to establish itself as a leading global hub for cryptocurrencies. It introduced several legislative proposals to regulate crypto-related businesses and encourage investment in the country. Notable figures, including Judge Geoffrey Vos, have indicated that updates to the legal system in England and Wales could make the UK the preferred destination for the crypto industry, further enhancing its attractiveness. UK Law Commission Seeks Clarity on Digital Asset