๐Crypto-assets such as #Bitcoin as "Third Category" of Personal Property:
Currently, according to the UK Law, there are 2 types of Personal Property:
โก๏ธ "Things in Possession" - tangible: such as Gold , a laptop, etc
โก๏ธ "Things in Action" - A claim, a debt, an IP, a trade mark, etc
But what is #Bitcoin or #Ethereum? โ It is neither in "physical possession", nor a claim against anyone!
โ๐ฝ So the Law Commission has made a recommendation that while existing common Law can be applied to most cases of public cryptoassets disputes and the courts have been using Common Law to deal with cases related to public cryptoassets custody, ownership and crime, We will need a Third Category - specifically for #Cryptoassets.
๐ฉโโ๏ธ โ๏ธ UK courts have previously served notices to defendents in the form of an #NFT airdrop, perhaps the first jurisdiction in the world to do so.
๐So a draft bill has now been proposed by the Law commission . Now One or more of the policymakers (from Commons or Lords) will pick this up for debate, and it will go through various stages of discussion.
Once a bill has been debated and then approved by each House of Parliament, and has received Royal Assent, it will become a Law.
Currently, the common law is doing a pretty good job of developing sensibly on its own in this regard, so the Digital Assets Bill is more of a nice-to-have, rather than an essential.
#Crypto #Blockchain #Web3 #Law #Bitcoin #Nostr #Lightning #UK #Ethereum #Policy #Nostrplebs
