The England and Wales Legal Commission has proposed separating digital assets, including crypto tokens and non-tradable tokens (NFTs), into a separate category of personal property, calling them “data objects” and authorizing the courts to make payments. number of states on digital assets.
In this case, “data objects” can be placed next to “things owned” and “things in action”.
The authors of the report argue that the proposed changes will bridge the gap in the legal status of uniquely qualified digital assets.
“The changes are also intended to help the UK government achieve its stated goal of becoming the jurisdiction of England and Wales as a global hub for digital assets,” the authors of the report say.
Experts state that one of the consequences of the proposed changes is the possibility of cash settlements in digital assets by the courts of England and Wales.
“We have tentatively decided that there is a convincing argument in favor of reforming the law to give the courts discretion in deciding cases in accordance with solutions expressed in certain crypto tokens (traditionally expressed in money),” the document states.
Currently, the Commission is holding public consultations on the content of the report with representatives of the legal and technological communities that are users of digital assets.
Source: Gazeta
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