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UK Needs Bespoke Legal Framework for Using Crypto as Collateral

The U.K. should create a tailored framework for using crypto as collateral, a Law Commission funded by the Ministry of Justice said in a Wednesday report. The scope of such a regime would go beyond existing U.K. regulations for collateral arrangements for traditional finance, the commission told CoinDesk. The commission also doubled down on its previous call for the U.K. to treat crypto assets as a new type of property. It also wants the government to set up “a panel of industry-specific technical experts, legal practitioners, academics and judges” to advise courts on complex legal issues relating to digital assets.

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