The UK needs to reform legislation to specifically account for cryptocurrencies and nonfungible tokens, the country’s Law Commission said, arguing that existing laws aren’t robust enough to govern the fledgling sector.
Laws regarding personal property should be changed to include a distinct category for so-called “data objects”, which would encompass intangible, and sometimes unique, assets like crypto tokens, the commission said. The organization, an independent agency, makes recommendations to the government.
Source: UK Says Crypto, NFTs Should Get Own Laws to Aid Ownership Claims – Bloomberg
