The UK Law Commission will evaluate international crypto legislation in order to propose legal revisions
In the second half of 2023, the legal review authority will assemble law change suggestions for public input.
Through a government-funded initiative, the Law Commission of England and Wales will examine private international legal problems involving cryptocurrencies.
The 18 October review will clarify how international law addresses new technologies such as cryptocurrency, digital assets, and electronic documents.
The Ministry of Justice is sponsoring this initiative, which aims to create reform recommendations for public comment by the second half of 2023.
The release emphasized that the spread of blockchain technology has resulted in a variety of conflict of law difficulties, hence creating legal confusion for individuals, companies, and governments.
Consideration of whether courts have the authority or jurisdiction to hear disputes and which laws should be applied is a significant obstacle. This is a result of the digital nature of cryptocurrencies and digital assets such as nonfungible tokens (NFTs), which are intangible, dispersed, and difficult to identify geographically, which further complicates legal issues.
In a statement released with Cointelegraph, Professor Sarah Green, Law Commissioner for Commercial and Common Law, underlined the complexity of resolving legal issues surrounding the expanding area.
In recent years, as digital assets and other emergent technologies have developed fast, the laws that enable and regulate them have failed to catch up. This has resulted in discrepancies among jurisdictions, as well as ambiguity over which laws should be implemented and which courts should render decisions.”
The declaration also emphasized its intention to assist new digital technologies like cryptocurrencies in the United Kingdom as the nation seeks to become a centre for cryptocurrency adoption.
Several legal reform initiatives involving smart contracts, digital assets, decentralized autonomous organizations (DAOs), and electronic trade papers have been undertaken by the Law Commission. Cointelegraph has contacted the Law Commission to get further information on the idea.
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