Cryptocurrency may be recognized as a type of property in the UK

The UK Law Commission has called on the country to recognize NFTs and digital currencies as a new type of property — the commission’s representatives have published a statement emphasizing the British government’s support for the legalization of the crypto sphere.

According to representatives of the Law Commission, the recognition of cryptocurrencies as a new type of property will greatly facilitate investor protection. Interestingly, the commission is against cryptocurrencies being used as a means of payment for goods and services. However, representatives of the commission support their use for capital storage and trading.

In addition to considering the proposal to recognize cryptocurrencies as a new type of property, the UK plans to discuss a bill on the regulation of stablecoins. The new draft law called the Financial Services and Markets Bill refers to stablecoins as means of payment. Accordingly, their circulation should be regulated in accordance with the standards of the financial services sector in the UK.