United Kingdom: Consultation closed on paper proposing law reforms on digital assets

On 4 November 2022, the United Kingdom (UK) Law Commission closed the public consultation on its paper proposing law reforms on digital assets, including NFTs, crypto-tokens and crypto-assets. The reform proposals seek to ensure that the UK legislation recognises and protects digital assets. The paper focuses on ways to apply personal property laws to digital assets. In particular, the UK Law Commission proposes to give legal recognition to a separate third category of personal property, as none of the existing categories of personal property fully correspond to the characteristics of digital assets.