"It supports our efforts to ensure that our jurisdiction remains at the forefront globally, providing a flexible legal framework that can react to the dynamic nature of digital assets and other emerging technologies," Lord Frederick Ponsonby of Shulbrede said during the debate.
"The bill is short in nature, but could be extraordinarily significant in impact," Lord Chris Holmes of Richmond said.
John Thomas also known as Baron Thomas of Cwmgiedd agreed that the Law Commission's bill was a "critical change" and called for it to be internationally competitive.
Lords also urged for more clarity for crypto from the new Labour government.
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