The UK Legal Commission advocates for the recognition of NFTs and digital currencies as a new type of property. This body published a statement in which it supported the plans of the government of the kingdom to legalize the cryptosphere.
Such an initiative was previously made not only in the Cabinet but also in the Central Bank of Great Britain.
The recognition of cryptocurrency as a new type of ownership will greatly facilitate the protection of holders of such an instrument.
At the same time, the commission opposes the use of bitcoin and other virtual coins as a means of paying for goods and services. In her opinion, cryptocurrencies can only be used for capital storage and trading.
Legislation needs to be adjusted to take into account the emergence of an innovative tool.
A new regulated data category needs to be created. It should include software, crypto wallets, and other blockchain information said the analysts of the Legal Commission.