House of Commons · Written Ministerial Statement
Government response to the Law Commission’s report on Digital Assets
11 September 2024 · Ministry of Justice
Proposed by Heidi Alexander Lab Swindon South
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Government response to the Law Commission's report on Digital Assets is announced
- Property (Digital Assets etc) Bill will be advanced using a special procedure
- An expert group led by the UK Jurisdiction Taskforce is established to consider control of digital assets
Issue summary
The statement addresses the government's response to the Law Commission’s report on Digital Assets, focusing on legislative measures to recognise digital assets as property under English and Welsh law.
Action requested
The Minister announces that the Property (Digital Assets etc) Bill will be advanced using a special procedure recommended by the Law Commission. An expert group led by the UK Jurisdiction Taskforce is being established to consider control of digital assets, with HM Treasury reviewing recommendations for statutory amendments to financial regulations and crypto asset arrangements.
Key facts
- The Property (Digital Assets etc) Bill will confirm in statute that certain digital assets can be recognised as property.
- The Law Commission’s Digital Assets: Final Report was published in June 2023.
- HM Treasury is reviewing recommendations for statutory amendments to the Financial Collateral Arrangements Regulations and crypto asset arrangements.