- The UK Law Commission is consulting on a bill that will plug a gap in the country’s laws.
- The bill will clarify how digital assets can be treated as property under the law.
- Otherwise, the commission believes the country’s legal system is flexible enough to accommodate crypto — giving the UK an edge.
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UK Prime Minister Rishi Sunak’s government is on the cusp of getting a crypto boost.
The UK Law Commission — an independent body that reviews the law — recently put out a consultation on a bill.
This bill proposes to update the law of England and Wales to accommodate digital assets as property.
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Why is that important?
Imagine you own Bitcoin and you send some to a friend. That seems like a straightforward transaction — you owned that Bitcoin, and now your friend owns it.
But under UK law, the ownership of that Bitcoin might actually be uncertain.
While there are clear precedents about who owns things like cars, money in bank accounts, or stock in a…
