GBBC Submits Response to UK Law Commission's Consultation – Digital Assets & Electronic Trade Documents in Private International Law

GBBC, with input from its members, has submitted its response to the Law Commission’s consultation on private international law aspects of digital assets and electronic trade documents (ETDs).

We commend the Law Commission for its continued leadership in shaping the legal foundations for digital assets and distributed ledger technology. This consultation marks an important step in ensuring that English law remains predictable, enforceable, and internationally competitive in a rapidly evolving digital economy.

Key themes in our response include:

🔹Focusing reforms on genuinely decentralized systems that raise unique “omniterritoriality” challenges

🔹Anchoring disclosure powers to a clear UK nexus to enhance enforceability across borders

🔹Endorsing “effective control” as a practical jurisdictional anchor, supported by clear evidential standards

🔹Preserving structured multilateral conflict rules to provide consistency and predictability for market participants

🔹Encouraging light-touch differentiation between permissioned/operator-led systems, tokenized traditional assets, and decentralized tokens

🔹Drawing on GBBC-led standards (GSMI; CFTC GMAC taxonomy) as practical evidential tools to support courts and practitioners

GBBC thanks the Law Commission for its thoughtful and inclusive approach. We stand ready to support the development of guidance that safeguards legal certainty while enabling responsible innovation in digital assets and ETDs.

Read the response here.