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The UK Argues Crypto Is a New Type of Property

The Breakdown

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Cryptocurrency and the Law Commission's 500 Page Report

The law commission of england and wales released a 500 page report last week outlining their advice for how digital assets in the industry should be dealt with by the law. The biggest picture suggestion is that digital assets should be given a new custom set of property rights at law. This would be an addition to the two existing types of property rights, things in possess and things in action. Without clear property rights, digital asset holders could be left without legal resource to losses from hacks or scams.

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