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First Meeting of the Joint ELI/ULC Feasibility Study Group on Digital Assets

The ELI is pleased to announce the first (and indeed highly successful) meeting of the joint Feasibility Study Group, which took place on 11 May 2017 via video conferencing.

In addition to ELI Members, the chair of the US Uniform Law Commission Draft Committee (ULC), a legal counsel of the ULC and the chair of the Uniform Law Conference of Canada (ULCC) Drafting Committee took part in the meeting.

After just about a year, the US model law has already been enacted in 32 States. Canada proceeds on the basis of the first-year version of Uniform Fiduciary Access to Digital Assets Act (UFADAA) while Australia is looking at the Canadian model. Furthermore, the civil law jurisdiction of Quebec has no problems with implementing the Canadian draft. The Study Group is currently working on a comparative overview in order to create a possible model law.The ULC was established in 1892 and is a non-profit American association. It aims to provide US States and jurisdictions with well drafted legislations in order to bring clarity to critical areas of statutory law across jurisdictions.

More information on the ULC can be found here.