The Law Commission’s Report on Digital Assets is Analysed by Syed Rahman

With the Law Commission of England and Wales having published its final report on digital assets, Syed Rahman wrote a piece about its findings.

In his article, which has been published by Elliptic, Syed details the proposals put forward by the Commission. He states that the Commission’s report is in favour of building on existing developments relating to digital assets rather than overhauling the existing legislative framework.

Syed explains the Commission's approach, which includes prioritising the development of common law, targeting statutory law reform and using industry-specific technical experts to ensure the law is capable of accommodating the technology behind cryptoassets.

The report shows, according to Syed, that the Commission is aware of both the complexities associated with digital assets and the need to ensure that any changes to the legal framework should take into account the potential benefits that crypto-based assets and technologies can offer.

He concludes that the Commission is putting forward “something of a soft-touch approach’’, with the government now having to decide how closely it wants to follow the report’s recommendations.

Syed’s full article can be found here.