"To recognise and protect the rights of users
and maximise the potential of digital assets."
– The Law Commission
On 28 July 2022, the Law Commission of England and Wales (the
"Commission") published a consultation
paper on digital assets (available here, the "Paper")
signalling the need for law reforms in several areas.
The Commission invites interested parties to submit responses to
the questions posed by the consultation (at Chapter 20 of the
Paper) by 4 November 2022.
The proposed reforms will be of broad interest to
crypto-exchanges, platforms, token issuers and market participants,
and include issues such as: ownership, the legal effect of
transfers, collateral arrangements and custody arrangements (a
particularly hot topic in the wake of recent liquidity and
insolvency events surrounding a number of platforms and
exchanges).
