Digital assets in Scots private law: consultation

Introduction

1. This consultation seeks your views on options for possible legislative changes to Scots private law to clarify the status of digital assets as property.

2. Any future reforms would be for the purpose of delivering change to provide greater legal certainty for businesses including those investing in digital assets, for technology and financial start-ups, as well as for the legal sector.

3. It is important that Scotland’s legal system keeps pace with developments across the digital and tech landscape, to help support economic growth and to allow Scotland to remain attractive for investment.

4. It is also important that Scotland’s legal system keeps pace with appropriate legal developments elsewhere in the UK and in private international law, so that Scots law is accessible to businesses operating both domestically and internationally.

5. Any future reforms would be intended to complement measures delivered by the Scottish Government in response to technological innovation and developments engaging private law, including the Moveable Transactions (Scotland) Act 2023 and the Legislative Consent Memorandum in respect of the Electronic Trade Documents Act 2023.

6. The status of digital assets has been the subject of consideration by an Expert Reference Group (“ERG”) established by the Scottish Government and chaired by the Rt Hon Lord Hodge, Deputy President of the UK Supreme Court.

6. The findings and recommendations of the ERG have been welcomed by Scottish Ministers and have informed this consultation.