Lexis®Library update: The CLLS expresses ‘fundamental concerns’ with any proposal for legislative reform to extend wholesale the application of the concept of possession to digital assets governed by legal and operational arrangements that make them more akin to registered intangible assets.
Caution should be exercised at least to areas beyond those industry sectors where, arguably, it may serve an appropriate and helpful purpose in supporting the safe, efficient and effective holding and transfer of value or rights constituted or evidenced exclusively in digital form.
The CLLS concludes that it is unlikely to prove helpful, and may indeed undermine the certainty of English law, to seek to make all types of digital asset amenable to possession.
Source: Digital assets: The limits of the concept of ‘possession’
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 19 August 2021 and is published with permission. Further information can be found at: https://www.lexisnexis.co.uk/
