The City of London Law Society (CLLS) has formed a working group to consider and respond to the Law Commission’s call for evidence and consultation on “Digital assets: electronic trade documents”.
In particular, the working group has looked at the possibility of extending the application of the concept of “possession” to digital assets and considers that caution should be exercised in relation to any proposal for legislative reform in this area. The group believes it is unlikely to prove helpful, and may actually undermine the certainty of English law, to seek to make all types of digital asset amenable to possession.