A new move came from the UK, which has not made a clear decision on Bitcoin (BTC) and cryptocurrencies.
According to Coindesk news, the UK has taken a new step and started the consultation process on draft legislation aiming to classify cryptocurrencies as property.
The Law Commission, which examines the law in England and Wales and recommends changes, is seeking views on draft legislation that would recognize cryptocurrencies as property.
Stating that opinions should be given at this point by March 22, the Commission included the following statements in its statement:
“Personal property rights are important for many reasons, including bankruptcy or the interception or illegal taking of assets.
“But because cryptocurrency assets differ significantly from physical assets and rights-based assets such as debt and financial securities, they do not fit into traditional categories of personal property.”
The Law Commission stated that the final answers will determine what will happen next and that these answers will be forwarded to the government and the final decision on the crypto property bill will be made.
*This is not investment advice.
