In this episode of the Lawyers on the Block podcast, Roman Kubiak and Kieran Forsyth look at the proposal set out by the Law Commission as to how best to regulate the ongoing and ever increasing adoption and use of crypto assets.
The topic was felt to be important owing to the proposals aim to deliver wider recognition and legal protections for digital assets. The Commission argues that there are several key areas that require law reform in this sector, serving to best recognise and protect the rights of owners and maximise the potential that digital assets can bestow.
Because they are not tangible, digital assets have many different features to traditional physical assets. Their unique qualities mean that many digital assets do not fit easily into current private property law categories or definitions.
The consultation paper argues the law must therefore go further to acknowledge these unique features, which in turn would provide a strong legal foundation for the digital assets industry and for users. Through these reforms, the legal system would help to create an environment that is more conducive to digital assets and their markets.
The proposals are put forward at a time when greater regulation and scrutiny in the Courts has been made towards cryptocurrency and digital asset disputes and concerns. This together with discussing the proposals we feel create an exciting topic of discussion pointing to how and when the next level of regulation will come to being.
You can view consultation and submit your response on the Law Commission website.
