Clarity needed on crypto lending regulations — UK Law Commission

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

Does cryptocurrency lending fall under existing UK financial collateral regulations?

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.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK Law Commission recommends 'distinct' legal category for cryptoThe United Kingdom's Law Commission has put forward recommendations for legal reforms relating to cryptocurrencies and digital assets. The Law Commission has also suggested the establishment of an industry-specific panel of technical experts, legal practitioners, academics and judges to give ‘non-binding advice’ to courts on various legal issues and considerations relating to the sector.
Source: Cointelegraph - 🏆 562. / 51 Read more »