A member of the British Parliament's Law Commission saw cryptocurrencies as a new type of property – Bits Media

The Law Commission of England and Wales has found an expert, who publicly announced, that UK property laws need to be extended to cover cryptocurrencies and non-fungible tokens.

Member of the commission, Commissioner for Commercial and General Law Sarah Green (Sarah Green) considers, that such a reform will define cryptocurrencies as private property. it, in its turn, will do the refund process, lost as a result of hacking or fraud, much easier.

«Множество людей инвестируют в NFT, но они не думают о последствиях. Им совсем не понятно, что делать, если кто-то взломает кошелек и украдет биткоин или система сломается и я не смогу получить доступ к своим активам», ― рассудила комиссар.

Чиновники подчеркивают, that current UK private property laws cannot fully capture the unique features of cryptocurrencies. Therefore, it is necessary to change and modernize regulations, provide “a strong legal basis for the existence of the digital asset industry and the protection of users”.

There are currently two types of property in the UK - "things in possession", eg, gold or car, and “objects in action”, that is, shares or other liabilities, which can be forcibly demanded and implemented. For digital assets, it is proposed to create a separate category “data items”, которые будут представлять собой наборы данных в базах, software, цифровые записи, криптовалюты и доменные имена.

Министерство финансов Великобритании подготовило
Financial Services and Markets Bill, clarifying the procedure for using stablecoins.