ARTICLE · 10 JULY 2023

New Recommendations For Reform And Development Of The Law On Digital Assets

Herbert Smith Freehills Kramer LLP

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On 28 June 2023, the Law Commission of England and Wales has published its report (the Report) on digital assets, detailing the conclusions and recommendations for law reform in this area.

United KingdomTechnology

On 28 June 2023, the Law Commission of England and Wales has published its report (the Report) on digital assets, detailing the conclusions and recommendations for law reform in this area. While it is acknowledged that the digital asset market and the technology in question is continually evolving, the common law system in England and Wales has been deemed a coherent and globally relevant regime to sufficiently accommodate this emerging area.

The report marks the culmination of two years of consultation with market participants and experts and supersedes the Consultation Paper (the Paper) published in July 2022, a summary of which is available by clicking on our previous blog here. It follows a request from the Government to the Law Commission to carry out a first ever rigorous common law analysis, demonstrating how the law in England and Wales is able to respond to this kind of emerging technology.

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