SAMA gears up to make Saudi Arabia the regional fintech hub: top official

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, rising by 9.34 percent to $23,088.94 as of 8:00 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,635.92 rising by 13.92 percent, according to data from Coindesk.

UK legal body calls for new rights for crypto assets

The Law Commission proposed on Thursday that the UK should create a new class of private property law for cryptocurrencies, which can be used to make payments, Reuters reported. 

The crypto asset sector that grew substantially and has been dubbed a “Wild West” by EU lawmakers, is being regulated around the world.

In April, Rishi Sunak, the then Chancellor of the Exchequer, said he wanted Britain to become a global center for crypto asset technology. Sunak requested that the Law Commission review whether current laws can accommodate digital assets. 

According to the Commission, many digital assets, such as non-fungible tokens or NFTs, do not readily fit into the current laws governing the private property.

The Law Commissioner for commercial and common law Sarah Green said: “Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.”

To the existing “things in possession” and “things in action” categories of personal property, the Commission proposed adding a third class of “data objects.”

The Commission proposed in a paper that digital assets must be composed of electronic data and only be used by one person at a time to qualify for the new category.

Britain published a draft law last week giving its regulators power over stablecoin use in payments. A further consultation on other types of crypto assets will follow later in the year.

(With inputs from Reuters)