The Law Commission Report On Digital Assets Suggests A Revolutionary Third Category For Certain Digital Assets

The inextricable rise of cryptocurrency since its arrival in 2009 has presented a problem as to how to regulate and define it. There is no global consensus as to whether it should be warmly embraced or banned, with some countries opposed to its use and will not permit it to be used. Others see a future and welcome the innovations of blockchain and decentralised finance. The world authorities and legal systems are still trying to define and regulate cryptocurrency as a unique concept.

However, England and Wales is both flexible, resilient and open to new concepts. The Law Commission has produced a report on digital assets and how they can be regarded as things to which personal property rights can relate. Whilst the report focuses on a particular subset of digital assets, it shows the way that current digital assets, as well as future technical advances in all the variant forms can be held. This, in turn, is an effective way to bring the current law into line with