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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 7 January 2026
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Displaying 321 contributions

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Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I was going to say, “That’s not my problem.” [Laughter.]

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I think that they want to comment from the policy and the legal sides. I will bring in the policy side first.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

From my limited knowledge of what other jurisdictions are doing, I think that all countries and jurisdictions are facing these dilemmas. We do not have a solution in the bill to that potentially growing and futuristic problem. The bill sets down thresholds or tests for what would be deemed a digital asset or property. If someone were to make a challenge along the lines of what you are speaking about in relation to AI and what may be deemed property that is produced by AI, it would be up to the courts to see whether that passed the test that this legislation sets. Those are big issues for the future.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

That will be in the Official Report.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

As you outlined in your opening remarks, the bill is trying to achieve a simple thing. Other legislation addresses many of the issues that you have mentioned in relation to divorce cases, or whatever. I am sure that members are familiar from their casework that, in divorce cases, things can be hidden that are not digital assets. That applies anyway; it is just part and parcel of the world that we live in, irrespective of whether something is a digital asset.

I am content that we can focus on the bill achieving what it sets out to achieve. Lots of other issues have been discussed, which is understandable because it is part of a wider debate that has come up in evidence to the committee and members are interested in it, but I make the point on behalf of the Government that I believe that the bill will achieve what it sets out to achieve.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

Officials and colleagues are well aware of what is happening elsewhere in the UK, so that is an important point, and we will make sure that that is the case going forward.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

As I have said before, yes.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I noted the points that the witnesses made, but they also said that they felt that the approach was satisfactory. Clearly, that is linked to avoiding double selling—there must be safeguards in place to avoid double selling and therefore the systems that are used must be immutable so that records cannot be changed.

Ultimately, it will be for courts to decide, should they have to look at the matter in detail. However, anyone who is reading this will know what is being asked of the legislation and what it means with regard to not tampering with records and the fact that we cannot allow a system that permits double selling.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

We will reflect on that, and in particular on the point about the explanatory notes and so on. Some witnesses said that they would be reluctant for guidance to be issued because they are content that there is certainty in the bill. They said that they wanted the bill to be technology neutral, and pointed out that the world will change and that we cannot predict what those changes will be, so the more prescriptive we are, the more issues that could cause in the future.

I am happy to reflect on the evidence. Again, I noticed that there was a slight differentiation between the evidence from those who were coming at this from a legal perspective and the evidence from those who had a wider technology interest. Those who wanted the law to be clear as to the property status of digital assets were content. Obviously, however, there is a wider debate about some of the issues that other witnesses mentioned.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I am happy to consider that. The committee will publish its report, and we will treat its recommendations very seriously.

There is a whole debate about providing more certainty on what is excluded from the bill—perhaps through carve-outs, which have been mentioned. Some witnesses said that we should not go down that road and that they were content that what was in the bill was defensible and that it achieved the right balance.

I cannot give you a categorical answer, but we will reflect on what the committee says about the need for further clarification.