The UK Law Commission wants to expand the country’s property rules to cover cryptocurrencies and NFTs, according to a consultation paper published on Thursday.
In addition to legally defining digital assets as personal property, the proposed reforms could make it easier for crypto investors to claim losses in hacks or scams through legal action.
Part of the purpose of the seemingly crypto-friendly proposal is to help the government achieve its goal of turning the country into a global cryptocurrency hub, the committee said in a statement.
To accommodate digital assets, the Law Commission proposes to create a new category called data objects, which would explain things that consist of data in electronic forms such as databases, software, digital records, domain names and encryption.
