NFT and cryptocurrencies: The British Law Commission offers a welcoming picture

Bitcoin favored by Brexit? – If in the European Union, the orientation of cryptocurrency regulations looks (very) badlyour neighbors British it seems so much more pragmaticand so conciliatory. Thus, the Commission of law of His Majesty clearly expresses the desire to do so do not brake the many innovations made Bitcoin (BTC) and the like.

UK Law Commission Wants To Help Bitcoin Adoption!

In the UK, the Commission of law take care of regulatory reforms. In particular for England and Wales, as Scotland and Northern Ireland have their own legal committee.

On 28 July 2022, the Commission issued a press release proving that it actually did so realized versus cryptocurrencies and non-fungible tokens (NFTs) “They play an increasingly important role in modern society”.

The Commission of law exposes his will, not to put a repulsive regulatory straitjacket around cryptocurrencies (small dedication to EU parliamentarians), but rather, to guarantee this new asset class. So that you can access it safely to the greatest number!

“The Commission’s proposals aim to ensure wider recognition and legal protection of digital assets, allowing a more diverse range of people, groups and businesses to interact and take advantage of them online. “

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“Support” rather than “suffocate”: when Great Britain clashes with the EU

The British body wants modernize existing laws on digital resources. This for “Recognize and protect rights” crypto-enthusiast, but also for “maximize potential” crypto-assets.

And the shifts positive And constructive follow again later. The Law Commission wants to build a “Solid legal basis” for the cryptocurrency sector. This is to create a “More favorable environment” to Bitcoin and its descendants.

“Digital assets like NFTs and other cryptocurrencies have evolved and proliferated at a high speed, so it’s imperative that our laws are adaptable enough to meet them. (…) It is important to focus on developing the right legal basis to support these emerging technologies, rather than rushing to impose structures that could stifle their development. (…) “

Professor Sarah Green, Commissioner for Laws

This time I’m not bumping into EU regulations, totally mortal for the cryptocurrency sector. While the Commission of law He is concerned users and of innovationremember that the European Parliament wants to introduce constant oversurveillancewhere the transfer of the lesser satoshi it must necessarily be tracked and listedwith a formal identification of the sender and recipient.

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