The UK Law Commission launched a law reform project “Digital Assets: Which Law, Which Court?”, To remake the UK’s crypto laws.
The UK is a very big region in the world which now consists of 4 countries: England, Scotland, Wales, and Northern Ireland. In the UK, the Financial Conduct Authority (FCA) is a leading financial sector regulatory body, which also regulates the crypto market. FCA is known for its strict regulatory policies and it is very hard for crypto companies to get regulatory approval from FCA agency to operate businesses in the UK.
On 18 October, The Law Commission of England and Wales launched a law reform project, dubbed “Digital Assets: Which Law, Which Court?”
The law reform project will study and analyze the international crypto regulatory policies and find out the good parts of it to implement in the existing crypto regulatory policies of the UK.
This project is backed by the Ministry of Justice and a reformed law proposal will be released before half of the next year. Further support for the proposed reform law will get into law to expand the reach of UK crypto laws to prohibit the risks associated with cryptocurrencies.
This latest decision by these two UK’ countries is showing the increasing reach of the crypto space is creating a situation where traditional laws are facing conflict in laws.
A law commissioner for commercial and common law, Sarah Green, talked about the ongoing conflict in the traditional crypto governs law and said that existing policies are now not able to regulate the crypto space at a better pace because the crypto industry is evolving rapidly.
“With digital assets and other emerging technologies developing rapidly in recent years, the laws that support and govern them have struggled to keep pace.”
Further law experts said that the whole situation is a problem for the lawmakers and law users because they’re confused that which law should be used and which not to handle the crypto space.