As global authorities continue to wrestle with how to regulate cryptocurrencies, the U.K. Law Commission on Thursday proposed changes to clarify how property laws apply to digital assets in England and Wales.
The 57-year-old commission says digital assets like crypto tokens and non-fungible tokens—unique blockchain tokens that signify ownership that are better known as NFTs—play an increasingly important role in modern society.
"Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it's vital that our laws are adaptable enough to be able to accommodate them," said Professor Sarah Green, the Law Commissioner for Commercial and Common Law, in a statement.
According to a post from the Law Commission, the U.K. government tasked the body with reviewing the law to ensure that it can accommodate digital assets as they continue to evolve and expand as stores of value, forms of payments, or equity or debt securities.
To strengthen this approach,...
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