Andrew Foyle: Scots law has a crypto problem
The rapid development of digital assets and digital currencies has meant that many legal systems, including Scotland’s, have struggled to keep up, writes Andrew Foyle.
The application of 17th century principles to modern blockchain technology has exposed gaps in the way that ownership and possession of non-corporeal assets operate under Scots law.
That is the background to the Digital Assets (Scotland) Bill, the principles of which have just been approved by the Economy and Fair Work Committee of the Scottish Parliament.
What are digital assets? The answer is very wide in scope. They range from cryptocurrencies such as bitcoin through to tokenised securities where the right…
