UK Legal Body Submits Crypto Asset Classification Bill

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The Law Commission of England and Wales has submitted a groundbreaking proposal to the government, urging the creation of a new category of personal property specifically for crypto assets. The Commission has proposed the establishment of a “third category” of personal property which aims to ensure that property rights related to digital assets are clearly defined and enforceable. Accompanying the proposal is a draft bill that calls for the separate categorization of crypto assets. The government is currently reviewing the Law Commission’s recommendation and the proposed legislation.