Cryptocurrency, News, Regulation

Ministry Of Justice To Reform The UK’s International Crypto Laws

The law review commission of Wales and England plan to review their international crypto rules. Also, they stated that their compiled review bill would be ready for public opinion before 2nd half of 2023.

UK Law Commission Launches A Crypto Law Reform

On October 18, the Ministry of Justice in the UK reportedly commissioned an international cryptocurrency law reform project. According to the news, the country’s government would amend its crypto rules to solve pressing legal challenges concerning cryptocurrency.

Furthermore, they intend to comprehensively state the laws that guilds blockchain-related activities in a foreign land via the reform project. In addition, the review project would examine the existing international digital assets rules to reform outdated and irrelevant laws. 

The Ministry of Justice reportedly launched the project to make the international crypto laws of the UK remain relevant and up-to-date. Additionally, they revealed that the reform proposal would be ready and printed for public opinion by mid-2023.

In the announcement, the government body related that the rapidly growing blockchain technology had caused diversification of legal issues. Consequently, many users and firms are uncertain about what crypto-related services and products are legal and which are not.

Crypto’s Digital Nature Makes It Difficult To Rule Over

Another unclear issue is what court has the jurisdiction or requirement to preside over crypto-related cases. The agency stated that the misconception and confusion surrounding crypto arise because of its digital nature. 

It continued that cryptocurrency and digital assets are centralized, intangible, and difficult to define based on a region. Furthermore, commissioner Sarah Green of the ministry of justice stated that deciding legal cases that involve cryptocurrency is complicated. 

She added that blockchain technology is emerging with an enormous speed that it seems impossible for laws and regulations surrounding it to remain relevant for long. Consequently, she said that had caused much confusion about what court should preside or what rule applies to crypto legal cases. 

Meanwhile, the Ministry of Justice also announced its intentions to support firms that offer digital products and services in the UK. They also revealed that the country plans to become a crypto adoption hub. 

The UK Law Commission has carried out numerous law review projects concerning digital assets, DAO projects, and smart contracts, according to reports.

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