England and Wales Law Commission Proposes Labeling Crypto as Property

According to CoinDesk, the Law Commission, which reviews and recommends changes to laws in England and Wales, has published a consultation on draft legislation to label crypto as property. The independent statutory body's report on digital assets last year showed that crypto tokens and non-fungible tokens were able to attract property rights. Responses are required by March 22. "Personal property rights are important for many reasons, including in the event of insolvency or where assets are interfered with or unlawfully taken," the commission said on Thursday. "However, because digital assets differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property." The Law Commission also called for evidence for its project on digital assets and electronic trade documents in private international law. The deadline for comments is May 16.