A UK-backed working group initiated an initiative to clarify the definition of cryptographic assets to advance relevant legislation

On May 10th, the LawTech Delivery Panel, a working group supported by the UK government, proposed an initiative to clarify the state of assets created by digital encryption technologies such as blockchain. The group negotiated whether the “encrypted assets” could be considered property in the private law of England and Wales and the uncertainty of the legal status of the “smart contract”. The consultation will end on June 21. According to the Odaily Planet Daily, the chairman of the working group and the president of the British High Court have said that the uncertainty of the law has hindered the development of new technologies, and therefore urged the legal community to define cryptographic assets to promote relevant legislation.