The UK Law Commission has submitted a proposal that also includes cryptocurrencies and NFTs. Increasing usage area on one side, fraud and hacking incidents on the other. This naturally increases the pressure on regulators. The UK Law Commission is also looking to update the country’s property laws to include crypto and NFTs.
NFT and a Crypto Property According to the UK Legal Commission
Cryptocurrencies and NFTs are kept at users’ private and anonymous addresses, unless they are kept on centralized exchanges. This provides users with decentralized finance, while giving them a 100 percent right on their assets. At this point, the UK Law Commission also thinks that NFT and cryptos should be treated as a property and the property rules should be expanded accordingly.
Speaking on the subject, Sarah Green, Commissioner of Trade and Civil Law, made the following statements:
“Many people only invest in NFTs, but ‘what happens when things go wrong?’ they don’t ask the question. It is not clear what will happen if you go into my wallet and get my Bitcoin, or if this system fails and I cannot access my Bitcoin.”
However, the commission also noted in its statement that the ostensibly crypto-friendly proposal is in part aimed at helping the government’s goal of transforming the country into a global crypto hub.
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