England and Wales Law Commission proposes creating new property class for crypto assets

Odaily News The Law Commission of England and Wales urged its 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 whose main task is to review and recommend legal reforms in England and Wales. On July 30, it released a supplementary report highlighting the shortcomings of the current classification of personal property and its legal impact on crypto assets. British law divides personal property into two major categories: tangible property and intangible property (such as debts or rights). The committee believes that digital assets, including cryptocurrencies and NFTs, may have both characteristics and hinder dispute resolution in court proceedings. Therefore, it recommends the creation of a "third category" to ensure that property rights associated with crypto assets are clear and enforceable. The committee has published a draft bill calling for a separate classification of crypto assets to help establish a sound legal framework and help the development of the digital asset industry in England and Wales. (Cointelegraph)