UK Law Commission to review international crypto laws to consider legal reforms
The Legal Review Authority will endeavor to compile legislative reform proposals for public comment in the second half of 2023.
New
The Law Commission of England and Wales will undertake to review private international legal challenges involving cryptocurrencies as part of a government-commissioned project.
The review, launched on October 18, will provide clarity on how international law addresses emerging technologies such as cryptocurrencies, digital assets and electronic documentation.
The law reform bill, titled "Digital Assets: Which Law, Which Court?" describe current international legal rules and their application to digital contexts with the aim of making recommendations for legal reform to keep UK laws relevant.
The project is sponsored by the Ministry of Justice and aims to develop reform proposals to be published for public consultation by the second half of 2023.
The announcement highlighted that the proliferation of blockchain technology has generated a number of conflict of laws issues, which, in turn, have created legal uncertainty for users, organizations and governments.
Related: 8 things to remember as the UK considers new crypto property laws
A major hurdle is determining which courts have the power or jurisdiction to hear disputes and which laws should be applied. This is also due to the digital nature of cryptocurrencies and digital assets such as non-fungible tokens (NFTs), which are intangible in nature, distributed and geographically difficult to define, further exacerbating legal considerations.
>Sarah Green, Legal Commissioner for Commercial and Common Law, highlighted the difficulty of dealing with legal disputes involving the burgeoning space in a statement shared with Cointelegraph:
"With the rapid development of digital assets and other emerging technologies in recent years, the laws that support and govern them are struggling to keep pace. This has led to inconsistencies across jurisdictions, with uncertainty as to the laws which must be applied and the courts which must decide them."
The announcement also highlighted its goal of supporting innovative digital technologies li...
The Legal Review Authority will endeavor to compile legislative reform proposals for public comment in the second half of 2023.
New
The Law Commission of England and Wales will undertake to review private international legal challenges involving cryptocurrencies as part of a government-commissioned project.
The review, launched on October 18, will provide clarity on how international law addresses emerging technologies such as cryptocurrencies, digital assets and electronic documentation.
The law reform bill, titled "Digital Assets: Which Law, Which Court?" describe current international legal rules and their application to digital contexts with the aim of making recommendations for legal reform to keep UK laws relevant.
The project is sponsored by the Ministry of Justice and aims to develop reform proposals to be published for public consultation by the second half of 2023.
The announcement highlighted that the proliferation of blockchain technology has generated a number of conflict of laws issues, which, in turn, have created legal uncertainty for users, organizations and governments.
Related: 8 things to remember as the UK considers new crypto property laws
A major hurdle is determining which courts have the power or jurisdiction to hear disputes and which laws should be applied. This is also due to the digital nature of cryptocurrencies and digital assets such as non-fungible tokens (NFTs), which are intangible in nature, distributed and geographically difficult to define, further exacerbating legal considerations.
>Sarah Green, Legal Commissioner for Commercial and Common Law, highlighted the difficulty of dealing with legal disputes involving the burgeoning space in a statement shared with Cointelegraph:
"With the rapid development of digital assets and other emerging technologies in recent years, the laws that support and govern them are struggling to keep pace. This has led to inconsistencies across jurisdictions, with uncertainty as to the laws which must be applied and the courts which must decide them."
The announcement also highlighted its goal of supporting innovative digital technologies li...
What's Your Reaction?
