When administrating someone’s estate or writing your Will, the subject to consider in modern day society is what will happen to your digital assets? Digital Assets are now an essential and an issue that is likely to have an impact on the majority of our society. Currently, the law for guidance and structure on digital assets are vague and there’s a significant difficulty on the security of people’s digital assets.
What are Digital Assets?
The short Bill confirms “that a thing can be the object of property rights even though it is neither a thing in action nor a thing in possession.”
The Law Commission’s consultation
The Law Commission has launched their report and consultation to the Government on Digital Assets in February 2024 to be recognised as a third category of personal property, therefore, society’s digital assets are better recognised to accommodate and protect the distinct class and unique features of certain digital assets.
What does the term mean?
The list for digital assets includes but not limited to;
- Online gambling accounts
- Cryptocurrencies
- Online bank accounts held with financial institutions
- Online auction accounts (eBay)
The value of these assets can differ from financial value meaning bank accounts and e-wallets to sentimental value comprising of texts, emails and photos that hold monetary value.
The future of Digital Assets in Law
The positive impact that is considered on the increased legal certainty, is to provide legal tools for the complexity of the evolving technology and that the reform of the law can ensure the courts can respond considerately to this evolving topic.
The reform and development of this law is to create a coherent framework for digital assets so that it will supply greater clarity and protection to users and market participants.