A statutory framework refers to the complete body of laws, acts, and statutes enacted by a legislative body that govern a particular area. In digital assets, this framework comprises the specific laws that define legal classifications, permissible activities, and regulatory oversight for cryptocurrencies, blockchain technology, and related services. It forms the legal foundation upon which regulations and enforcement actions are built. This framework provides legal certainty.
Context
The state of the statutory framework for digital assets is currently fragmented and evolving, with many jurisdictions working to establish comprehensive legislation. A key discussion involves adapting existing financial laws to new technological paradigms and creating new statutes where current ones are insufficient. A critical future development to watch for is the legislative efforts globally to establish clear, comprehensive, and harmonized statutory frameworks that provide long-term stability for the digital asset industry.
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