In the second half of 2023, the legal review authority will work to put together ideas for changing the law that can be discussed with the public
Through a project paid for by the government, the Law Commission of England and Wales will look into private international legal problems that involve cryptocurrencies.
The review, which started on October 18, will show how international law deals with new technologies such as cryptocurrencies, digital assets, and electronic documentation.
The project to change the law, which is called “Digital Assets: Which Law, Which Court? “, will explain the current international legal rules and how they apply to digital situations. The goal is to make suggestions for legal changes to keep UK laws up to date.
The Ministry of Justice is funding the project, which aims to come up with reform ideas that will be put out for public comment in the second half of 2023.
The announcement pointed out that the spread of blockchain technology has led to a number of conflicts of law, which has made it hard for users, organisations, and governments to know what the law issues.
One of the biggest problems is figuring out which courts can hear disputes and which laws should be used. This is also because cryptocurrencies and digital assets such as nonfungible tokens (NFTs) are digital and not tangible. They are also spread out and hard to define geographically, which makes legal issues even more complicated.
In a statement, Professor Sarah Green, the Law Commissioner for Commercial and Common Law, talked about how hard it is to deal with legal disputes in the growing space.
“With digital assets and other emerging technologies developing rapidly in recent years, the laws that support and govern them have struggled to keep pace. This has led to inconsistencies across jurisdictions, with uncertainty over which laws should be applied and which courts should rule on them.”
In the announcement, it was also made clear that the UK wants to support new digital technologies such as cryptocurrencies as it tries to become a center for the use of cryptocurrencies.
The Law Commission has collaborated on a variety of projects to change the law, including ones that deal with smart contracts, digital assets, decentralized autonomous organizations (DAOs), and electronic trade documents.
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