British Law Commission to Study International Laws on Cryptocurrencies

The UK government has commissioned a study on how different countries regulate cryptocurrencies. Objective: to change the legislation in 2023.

The Law Commission of England and Wales will consider specific international problems and solutions related to the digital asset industry. Experts overseeing the project commissioned by the government will provide an overview of international legal norms and how the norms are applied in the context of the crypto industry. As a result, analysts should form recommendations for the UK government on regulating the industry.

The initiative is funded by the Department of Justice. The results of the project are going to be published for public comment as a proposal for reforms. The expected completion date for the project is the second half of 2023.

According to the commission’s announcement, the popularity and speed at which blockchain is spreading has created legal uncertainty for users, governments, and organizations.

It is reported that the most difficult may be the regulation of courts and their powers when considering cases of cryptocurrency violations. Since the nature of digital assets is such that they are intangible property, it would be difficult from a legal point of view to define assets geographically. Therefore, such cases can be considered for months.

Previously, the Legal Commission recommended that its members treat bitcoin like cash and be aware of the potential money laundering risks when customers use BTC for transactions.

Source: Bits

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