A lawyer leading the United Kingdom’s Law Commission’s review of the application of British laws toward digital assets has stressed the need for further clarity around cryptocurrency lending.
Burgoyne highlighted the importance of FCAR in allowing traditional finance intermediaries to take security over assets “free from a number of restrictions and formalities,” which would traditionally apply.gives a legal claim over an asset that a borrower has supplied to a lender in the event that the loanee is unable to meet their repayment obligations.
Burgoyne added that the scope of the ‘FCARs regime is largely a question of legal interpretation’ and whether the policy applies to new asset classes including crypto-tokens, CBDCs and stablecoins requires an evaluation of the existing law:Personal property law works, but new category needed “In the past decade, the courts have had to grapple with disputes concerning digital assets and for the most part have been able to find appropriate solutions coming out of the common law.”
A lawyer leading the United Kingdom’s Law Commission’s review of the application of British laws toward digital assets has stressed the need for further clarity around cryptocurrency lending.
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