The Law Commission's final report advocates for legal reforms to better protect the unique features of digital assets.
The Law Commission of England and Wales urged its government to categorize all crypto assets as a new form of personal property in its final report on digital assets.
The Law Commission is an independent body primarily tasked with reviewing and recommending law reforms in England and Wales. On July 30, it published a supplemental report highlighting the inadequacy of the current categorization of personal property and its legal implications on crypto assets.
English law categorizes personal property into two main types: things in possession (tangible property) and things in action (intangible property, such as debts or rights). The Commission argued that digital assets, including cryptocurrencies and non-fungible tokens, can possess both qualities and hinder dispute resolution in court proceedings.
