A recent paper on crypto ownership rights from the Law Commission of England and Wales has gained plaudits from politicians and the legal sector – but alone won’t resolve other legal uncertainties like developer liability, as some in the industry are hoping.
Proponents of decentralization believe the underlying code in digital asset transactions enforces applicable laws and regulations. In practice, as the beleaguered victims of crypto hacks, frauds and bankruptcy have found, sometimes the courts are the only way to get your assets back – and the Law Commission’s proposals for new legislation could be offering them an extra way to do so, lawyers told CoinDesk.
Some parties to crypto litigation are also finding comfort in the Commission’s report, convinced it could tip the scales in favor of a group of Bitcoin developers targeted by Craig Wright, the infamous crypto scientist who says he is the real author of the Bitcoin white paper attributed to pseudonymous Satoshi Nakamoto.
But lawyers say the proposal doesn’t address other legal concerns beyond token ownership, and that there is plenty of work left to do to ensure legal certainty and make the U.K. a crypto hub.
The weight of the proposals
Politicians certainly see the Commission’s proposals as welcome – including in a key cross-party parliamentary group known as the APPG on Crypto and Digital Assets, which considered legal classification issues in a recent inquiry.
“The APPG welcomes the work of the Law Commission in this important area,” Lisa Cameron, the group’s chair, told CoinDesk in a statement, urging the government to “move quickly on the legal classification of these assets where this may provide further clarity for the sector, regulators and the legal system.”
Legal reforms “could help achieve the Government’s goal for the U.K. to become a global hub for cryptocurrency and digital assets,” added Cameron, a Westminster lawmaker for the opposition Scottish National Party, citing the ambitions first voiced by Prime Minister Rishi Sunak last April when he was finance minister.
But, even before the government and lawmakers get their teeth into that, just having a clear position from the Law Commission helps offer greater certainty to those in the sector, Etay Katz, partner and head of digital assets…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
