There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse. These potentially revolutionary changes appear in an innocuous-looking, if lengthy, consultation paper titled “Digital Assets: Consultation paper,” published by The Law Commission of England and Wales, the public body for reform of the law in the U.K. What this document proposes is that digital assets are recognized as a new form of personal property, potentially creating an “internet of property,” which could have huge implications for the U.K.’s position as a hub for distributed ledger technology (DLT) and fintech. Property rights are indispensable to the creation and deployment of capital. A proper legal foundation for ownership of digital assets will have a host of real life ramifications, such as allowing the creation of security over digital assets — meaning they can be used as collateral for loans — providing people or businesses with greater protection in the event of fraud and enabling digital assets to be distributed like other property in the event of insolvency.
Full story : Law Commission proposes revolutionary rules for ownership of crypto tokens and NFTs.
