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Final report  \nPresented to Parliament pursuant to section 3(2) of the Law Commissions Act 1965 Ordered by the House of Commons to be printed on 27 June 2023  \n© Crown copyright 2023  \nThis publication is licensed under the terms of the Open Government Licence v3 .0 except where otherwise stated. To view this licence, visit [nationalarchives.gov.uk/doc/open](nationalarchives.gov.uk/doc/open)government-licence/version/3 .  \nWhere we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.  \nThis publication [is available at](is available at www.gov.uk/official-documents)[ ](is available at www.gov.uk/official-documents)[www.gov.uk/official-documents](is available at www.gov.uk/official-documents).  \nAny enquiries regarding this publication should be sent to us at [Enquiries@lawcommission.gov.uk](Enquiries@lawcommission.gov.uk).  \n978-1-5286-4173-9 E02924167 06/23  \nPrinted on paper containing 40% recycled fibre content minimum  \nPrinted in the UK by HH Associates Ltd. on behalf of the Controller of His Majesty’s Stationery Office  \nThe Law Commission  \nThe Law Commission was set up by the Law Commissions Act 1965 for the purpose of promoting the reform of the law.  \nThe Law Commissioners are:  \nThe Right Honourable Lord Justice Green, Chairman  \nProfessor Sarah Green  \nProfessor Nicholas Hopkins  \nProfessor Penney Lewis  \nNicholas Paines KC  \nThe Chief Executives of the Law Commission are Stephanie Hack and Joanna Otterburn.  \nThe Law Commission is located at 1st Floor, Tower, 52 Queen Anne's Gate, London SW1H 9AG.  \nThe terms of this report were agreed on 17 May 2023. All website links were correct at 23 June 2023.  \nThe text of this report is available on the Law Commission's website at [https://www.lawcom.gov.uk/project/digital-assets/](https://www.lawcom.gov.uk/project/digital-assets/) .  \nContents  \nGlossary vii  \nList of abbreviations xvii  \nCHAPTER 1: INTRODUCTION 1  \nDigital assets and the law of personal property 1  \nAbout this project 2  \nOther work on digital assets 4  \nThe team working on this paper 6  \nAcknowledgements and thanks 6  \nCHAPTER 2: SUMMARY OF OUR RECOMMENDATIONS AND  \nCONCLUSIONS 8  \nOur tripartite approach to law reform in this report 8  \nThe principles underlying our approach 10  \nSummary of our recommendations and conclusions 19  \nCHAPTER 3: A “THIRD” CATEGORY OF THING TO WHICH PERSONAL PROPERTY RIGHTS CAN RELATE 33  \nOverview 33  \nAre certain digital assets things in possession? 36  \nAre certain digital assets things in action? 40  \nA third category thing—analogies with both things in possession and things in action 49  \nAvoiding unnecessary boundary issues 51  \nTerminology: data objects, digital objects and third category things 52  \nOur recommendation: minimalist statutory confirmation 53  \nCHAPTER 4: OUR THIRD CATEGORY RECOMMENDATION AND  \nCONCLUSIONS IN PRACTICE 56  \nIntroduction 56  \nOur proposed criteria 56  \nDifferent digital assets—applying technology neutral principles in a way that is responsive to specific technology 71  \nCHAPTER 5: CONTROL 84  \nIntroduction 84  \nFactual and legal control 84  \nFactual control 85  \nCommon law development and technical expert group 88  \nThe legal consequences of control 96  \nCHAPTER 6: TRANSFERS 113  \nIntroduction 113  \nBackground to concepts used in this report 113  \nA transfer operation that effects a state change 118  \nTransfers by “a change of control” 122  \nDerivative transfers of title 125  \nA common law special defence of good faith purchaser for value without notice 127  \nCHAPTER 7: INTERMEDIATED HOLDING ARRANGEMENTS 148  \nIntroduction 148  \nDefining and distinguishing intermediated holding arrangements 149  \nLegal frameworks for intermediated holding arrangements 154  \nCHAPTER 8: COLLATERAL ARRANGEMENTS 183  \nIntroduction 183  \nCrypto-token collateral arrangement structuring options under th","cbCaitDHEd0qrgED","https://ap.wps.com/l/cbCaitDHEd0qrgED","pdf",2439684,304,"English","# Glossary\n## List of abbreviations\n# CHAPTER 1: INTRODUCTION\n## Digital assets and the law of personal property\n# CHAPTER 2: SUMMARY OF OUR RECOMMENDATIONS AND CONCLUSIONS\n## Our tripartite approach to law reform in this report\n# CHAPTER 3: A “THIRD” CATEGORY OF THING TO WHICH PERSONAL PROPERTY RIGHTS CAN RELATE\n## Are certain digital assets things in possession?\n# CHAPTER 4: OUR THIRD CATEGORY RECOMMENDATION AND CONCLUSIONS IN PRACTICE\n## Our proposed criteria\n# CHAPTER 5: CONTROL\n## Factual and legal control\n# CHAPTER 6: TRANSFERS\n## A transfer operation that effects a state change\n# CHAPTER 7: INTERMEDIATED HOLDING ARRANGEMENTS\n## Defining and distinguishing intermediated holding arrangements\n# CHAPTER 8: COLLATERAL ARRANGEMENTS\n## Crypto-token collateral arrangement structuring options under the current law\n# CHAPTER 9: CAUSES OF ACTION AND ASSOCIATED REMEDIES\n## Breach of contract\n# CHAPTER 10: RECOMMENDATIONS AND CONCLUSIONS\n# APPENDIX 1 : TERMS OF REFERENCE\n# APPENDIX 2: ACKNOWLEDGEMENTS","[{\"question\":\"What is the core purpose of this final report on digital assets?\",\"answer\":\"The report provides a final set of law reform recommendations and conclusions on how personal property rights can relate to different categories of digital assets, presented to Parliament under the Law Commissions Act 1965.\"},{\"question\":\"What does the report mean by a “third” category of thing?\",\"answer\":\"It proposes a third category of thing that draws analogies with both things in possession and things in action, alongside terminology and a minimalist statutory confirmation recommendation.\"},{\"question\":\"Which legal topics does the report cover beyond categorisation?\",\"answer\":\"It covers control (factual and legal), transfers, intermediated holding arrangements, collateral arrangements (including crypto-token collateral structures), and causes of action and associated remedies such as conversion, injunctions, and enforcement.\"}]","Digital assets - Final report | PDF",766]