UK Law Commission to review international laws on crypto to consider legal reforms

UK Law Commission to review international laws on crypto to consider legal reforms

The Law Commission of England and Wales will set about reviewing private international legal challenges involving cryptocurrencies through a government-commissioned project.

This review, which was launched Oct. 18, will clarify how international law views emerging technologies such as cryptocurrencies, digital assets, and electronic documentation.

The law reform project, “Digital Assets: Which Law, Which Court?”, is titled “Digital Assets: Which Law, Which Court?” The project, dubbed “Digital Assets: Which Law, Which Court?” will present current international legal rules and how they apply to digital contexts. It will also make recommendations for legal reforms that would keep the United Kingdom’s laws relevant.

The Ministry of Justice sponsors the project. It aims to create reform proposals that will be made public for consultation in the second half of 2023.

This announcement showed that blockchain technology proliferation has caused a variety of conflicts of law issues which has in turn created legal uncertainty for users, governments, and organizations.

Similar: 8 Things to Remember as the U.K. Considers New Crypto Property Laws

It is difficult to decide which courts are competent or have the jurisdiction to hear disputes, and which laws should apply. This is due to the digital nature cryptocurrencies and digital assets such as nonfungible tokens, which are intangible, distributed, and difficult to identify geographically.

In a statement that was shared with Cointelegraph, Professor Sarah Green, Law Commission for Commercial and Common Law, stressed the difficulties in resolving legal disputes involving this burgeoning area.

“Digital assets and other emerging technologies are rapidly developing, and the laws that support them and govern them have not kept up with this pace.” This has caused inconsistencies between jurisdictions and uncertainty about which laws should be used and which courts should rule.

It also highlighted its intention to support innovative digital technologies such as cryptocurrency in the U.K., as the country seeks to be a center for cryptocurrency adoption.

The Law Commission was involved in a variety of law reform projects that involved smart contracts, digital assets and decentralized autonomous organizations (DAO), electronic trade documents, and other related topics. Cointelegraph reached out to Law Commission for more information about the project.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami