Law Commission releases digital assets report
Comments from Dion Seymour, Crypto & Digital Assets Technical Director at specialist tax advisory firm, Andersen LLP about the Law Commission report providing an analysis of how the law of England and Wales reflects cryptoassets.
Comments from leading crypto tax expert Dion Seymour: “Legal certainty must be a cornerstone in the Government’s ambition for the UK to be a global crypto hub and is key to providing consumer protection. Whilst the report makes few recommendations on how to improve the law it does not recommend wide ranging reforms as the Law Commission considers that English and Welsh law is suitably flexible to adapt to cryptoassets. The creation of a third type of property would be beneficial for the UK courts, as would the creation of a dedicated group to assist with legal views. As far as we understand no other jurisdiction has performed similar analysis and we hope that the Government takes the recommendations forward.”
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