The independent legal committee in the United Kingdom proposes amendments to the law to enable dealing with digital assets. The committee aims to establish a new category known as “digital objects,” which includes cryptocurrencies and non-fungible tokens. It recommends the formation of an expert committee to provide legal advice on issues related to these assets.
These steps support the British government’s desire to transform the UK into a global hub for digital assets. The committee emphasizes that UK law is capable of adapting to rapid developments in this field due to the flexibility available in the legal system.
Reports indicate an urgent need to provide legal certainty regarding the security arrangements related to digital assets. The committee recommends creating a dedicated legal framework to facilitate these cases.
Commenting on the recommendations, Adam Saniit, the Knowledge Manager at Norton Rose Fulbright, expressed his support for these steps, which will provide further protection for digital asset holders and support the government’s vision in transforming the UK into a technological center.
The report emphasizes a strong demand for such legal reforms among advisors and companies involved in digital assets.
