UK Law Commission to review international laws on crypto to consider legal reforms
The Law Commission of England and Wales will set about reviewing private international legal challenges involving cryptocurrencies through a government-commissioned project.
The review, launched on Oct. 18, will provide clarity on how international law approaches emerging technologies like cryptocurrencies, digital assets and electronic documentation.
The law reform project, dubbed "Digital Assets: Which Law, Which Court?" will outline current international legal rules and their application to digital contexts with the purview of making recommendations for legal reforms to keep United Kingdom laws relevant.
The project is sponsored by the Ministry of Justice and intends to develop reform proposals to be published for public consultation by the second half of 2023.
The announcement highlighted that the proliferation of blockchain technology has generated a number of conflict of law issues, which, in turn, has created legal uncertainty for users, organizations and governments.
Related: 8 things to remember as the U.K. considers new crypto property laws
A major hurdle is considering which courts have the power or jurisdiction to hear disputes and which laws should be applied. This is also due to the digital nature of cryptocurrencies and digital assets like nonfungible tokens (NFTs), which are intangible in nature, distributed and geographically difficult to define, which further exacerbates legal considerations.
Sarah Green, law commissioner for commercial and common law, highlighted the difficulty in dealing with legal disputes involving the burgeoning space in a statement shared with Cointelegraph:
The announcement also stressed its aim of supporting innovative digital technologies like cryptocurrencies in the U.K. as the
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