Law Commission of England and Wales proposes new property classification for crypto assets

The Law Commission for England and Wales has proposed a new legal classification for crypto assets, suggesting that they should be treated as a distinct form of personal property. The current legal framework divides personal property into tangible and intangible, and does not adequately address the complexity of digital assets such as cryptocurrencies and NFTs. The Commission proposes creating a “third class” specifically for digital assets to address this issue, ensuring clearer and more enforceable property rights. A draft bill has been published to outline this framework, with further development to be delegated to the courts. The proposal is under government review, while the Bank of England and the FCA are consulting on the use of distributed ledger technology for digital securities. The plan aims to modernize the legal structure and support the growth and stability of the digital asset industry in England and Wales.

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