The Law Commission for England and Wales plans to classify cryptocurrency as property

According to CoinDesk, the Law Commission responsible for reviewing and recommending legal changes in England and Wales has issued a legislative proposal consultation on classifying cryptocurrencies as property. The independent statutory body's report last year on digital assets showed that crypto tokens and non-fungible tokens can obtain property rights. The deadline for comments is March 22nd. The Law Commission stated on Thursday: "Property rights are important in many respects, including in cases of bankruptcy or interference with assets or illegal occupation. However, because digital assets differ significantly from physical assets and right-based assets (such as debts and financial securities), they do not fall within the traditional category of personal property." The Law Commission also sought evidence on its project regarding digital assets in the private law domain and electronic trade documents. The deadline for submissions is May 16th.