The government of the United Kingdom commissioned a study on how different countries regulate cryptocurrencies. Their task: to change the legislation in 2023.
The Law Commission of England and Wales will consider private international problems and solutions related to the digital asset industry. The experts in charge of the project commissioned by the government will present an overview of international legal norms and how the norms are applied in the context of the crypto industry. As a result, analysts should form recommendations for the UK government to regulate the industry.
The initiative is funded by the Ministry of Justice. The results of the project are going to be published for public discussion as a proposal for reforms. The expected completion date of the project is the second half of 2023.
According to the commission's announcement, the popularity and speed of blockchain distribution have created legal uncertainty for users, governments and organizations.
It is reported that the regulation of courts and their powers when considering cases of cryptocurrency violations may be the most difficult. Since the nature of digital assets is such that they are intangible assets, it will be difficult from a legal point of view to define assets geographically. Therefore, such cases can be considered for months.
Earlier, the Legal Commission recommended that its participants treat bitcoin as cash and be aware of the potential risks of money laundering when customers use BTC for transactions