1659078223 The UK Law Commission is optimistic about the future of

The U.K. Law Commission is optimistic about the future of NFTs

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The U.K. Law Commission is optimistic about the future of NFTs and is looking to classify them into a new category called “data objects.” The legal agency aims to regulate crypto by keeping it dynamic, competitive, and flexible.

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  • The commission proposed changes relating to digital assets in England and Wales and is reviewing the legality behind these assets as they rapidly evolve in today’s society as forms of payments, equity, or debt securities.
  • Professor Sarah Green, the Law Commissioner for Commercial and Common Law, said, “Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them.”
  • New regulations will aim to set awards and fines in the crypto industry for the delivery of wider recognition and legal protections over digital asset ownership.

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