The Law Commission in the UK has published proposals for a reform of a law on digital resources
On 28 July 2022, the Law Commission published a consultation paper which aims to protect digital assets.
The authors point out that digital resources are increasingly important in modern society. The consultation paper presents many purposes for which digital resources can be used, including as means of payment, or to represent the right of ownership. According to the authors, the law of England and Wales is not sufficiently flexible to accommodate digital resources but certain aspects of the law need reform. It is of key importance that digital resources should benefit from consistent legal recognition and protection in a manner that takes their features into account. The document attempts to analyse how the current law on property applies or should apply to digital resources, considering that they do not constitute tangible property.
The document aims to point to desirable amendments that should be made to the legal framework to create a facilitative environment for digital assets and related markets. The proposed changes aim to ensure that the law remains as flexible as to be able to govern transactions and other arrangements regarding digital resource technology.
The full text of the consultation paper is available at:
https://s3-eu-west-2.amazonaws.com/lawcom-prod-storage-11jsxou24uy7q/uploads/2022/07/Digital-Assets-Consultation-Paper-Law-Commission-1.pdf
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