ChainCatcher news, the Law Commission of England and Wales urges its government to classify all crypto assets as a new form of personal property in its final report on digital assets. The Law Commission is an independent body primarily responsible for reviewing and recommending legal reforms in England and Wales. On July 30, it published a supplementary report highlighting the inadequacies of the current classification of personal property and its legal implications for crypto assets.UK law divides personal property into two main categories: tangible property (possessions) and intangible property (such as debts or rights). The Commission believes that digital assets, including cryptocurrencies and non-fungible tokens, can possess both characteristics and hinder dispute resolution in court litigation.

According to ChainCatcher, as reported by Cointelegraph, the Law Commission for England and Wales, initiated by the Ministry of Justice, will begin a review of international laws related to cryptocurrency through a government-commissioned project. This review, which started on October 18, will clarify how international law addresses emerging technologies such as cryptocurrencies, digital assets, and electronic documents.The legal reform project is titled "Digital Assets: Which Law, Which Court?", and it will outline the current international legal rules and their application in the digital environment, as well as propose recommendations for legal reform. The project is initiated by the Ministry of Justice and aims to develop reform proposals for public consultation before the second half of 2023. (source link)