The English Law Commission proposes to create a new property category for crypto assets
On July 31, Cointelegraph reported that the Law Commission of England and Wales urged the UK government to classify all crypto assets as a new form of personal property in its final report on digital assets.
The Law Commission is an independent body that is primarily responsible for reviewing and recommending legal reforms in England and Wales. On July 30, the committee released a supplementary report highlighting the shortcomings of the current classification of personal property and its legal impact on crypto assets.
UK law divides personal property into two main types: possession (tangible property) and subject matter of litigation (intangible property, such as debts or rights). The Law Commission believes that digital assets (including cryptocurrencies and NFTs) can have both of these characteristics, which may hinder the resolution of disputes in court proceedings.
Therefore, the committee recommends creating a "third category" to ensure that property rights related to crypto assets are clear and enforceable.
