UK Law Commission expects 'substantial impact' of Digital Assets Act review
Legal jurisdictional issues related to cryptocurrencies and digital assets necessitated a law reform bill sponsored by the Department of Justice.
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The Law Commission of England and Wales hopes to make the UK a leading jurisdiction for resolving legal disputes involving emerging technologies such as cryptocurrencies, digital assets and electronic documentation.
The project, titled "Digital Assets: Which Law, Which Court?" was announced on October 18 with the aim of examining international legal challenges involving cryptocurrencies and providing recommendations for legal reform in the UK.
Cointelegraph has reached out to Professor Sarah Green, Statutory Commissioner for Commercial and Common Law, to unveil the driving force behind the authority's latest law reform bill. The UK's legal review body has previously conducted projects targeting smart contracts, digital assets and decentralized autonomous organisations.
According to Green, previous law reform projects have identified several problems in determining which laws apply to international disputes related to technology and which courts should be seized.
Related: UK Government Introduces Bill to Empower Authorities to 'Seize, Freeze and Recover' Crypto
As Green explained, the existing rules of private international law applicable to property disputes are based on the fact that the property in question has clear and definitive locations. This gives a clear link to a particular legal jurisdiction.
Because digital assets and emerging technologies generally do not fit this "traditional model", existing laws for disputes involving digital assets and the courts that should hear them are not necessarily adequate:
“This has created an element of uncertainty as to how a court can apply existing rules. of establishment...
Legal jurisdictional issues related to cryptocurrencies and digital assets necessitated a law reform bill sponsored by the Department of Justice.
Follow
The Law Commission of England and Wales hopes to make the UK a leading jurisdiction for resolving legal disputes involving emerging technologies such as cryptocurrencies, digital assets and electronic documentation.
The project, titled "Digital Assets: Which Law, Which Court?" was announced on October 18 with the aim of examining international legal challenges involving cryptocurrencies and providing recommendations for legal reform in the UK.
Cointelegraph has reached out to Professor Sarah Green, Statutory Commissioner for Commercial and Common Law, to unveil the driving force behind the authority's latest law reform bill. The UK's legal review body has previously conducted projects targeting smart contracts, digital assets and decentralized autonomous organisations.
According to Green, previous law reform projects have identified several problems in determining which laws apply to international disputes related to technology and which courts should be seized.
Related: UK Government Introduces Bill to Empower Authorities to 'Seize, Freeze and Recover' Crypto
As Green explained, the existing rules of private international law applicable to property disputes are based on the fact that the property in question has clear and definitive locations. This gives a clear link to a particular legal jurisdiction.
Because digital assets and emerging technologies generally do not fit this "traditional model", existing laws for disputes involving digital assets and the courts that should hear them are not necessarily adequate:
“This has created an element of uncertainty as to how a court can apply existing rules. of establishment...
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