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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 31 December 2025
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Displaying 925 contributions

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Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Lorna Slater

Where does the environmental assessment for that sit? If we are working in bits and pieces, as Mr Gough suggests, with one bill creating digital assets, another bill regulating them in the banking sector and something else to regulate them elsewhere, and if we are seeing the growth of the data centres and computing power needed to manage all of that and to generate some of the assets, where is the environmental assessment happening? Things are growing behind the scenes, so where will we do the assessment to see how that fits into the Scottish economy?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Lorna Slater

It is a fast-changing and dynamic playing field, as it were. Would it therefore make sense to put regulation-making powers in the bill, so that the Scottish Government can react more flexibly and use secondary legislation to keep up with things, instead of having to go to primary legislation to make such regulations in the future?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Lorna Slater

The subject of my first question has already been touched on, but I will ask the minister to extrapolate a bit. It is about what regulations or legislation might be needed to apply to digital assets in the future, in order to protect institutions such as banking systems, to support Scottish or European Union interests, to hinder bad-faith actors, to protect investments, and so on. As I understand it, the bill simply makes digital assets exist in Scots law; it does not provide any further regulations for the protection of anybody. What intentions does the Scottish Government have to consider such regulations in the future?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Lorna Slater

Thank you for that explanation. I understand that the regulation-making powers in the bill are relatively narrow in order stay within the scope of the bill. As you suggest, allowing powers to modify regulations that might affect the whole banking sector would not be within the competence either of this Parliament or of the bill. That is helpful. Thank you.

My second line of questioning is about environmental concerns. The generation of some digital assets requires an enormous amount of energy—for example, because of the amount of number crunching that is required to generate bitcoins. I realise that the bill would not, by itself, make digital assets exist, because they already exist and all that we are doing is recognising that. However, other stakeholders and witnesses have told us that they want the sector to grow and that recognising digital assets will prompt investment, which implies that there will be environmental overheads and an environmental impact from energy generation. Has the Scottish Government considered that? Where do environmental concerns sit in relation to digital assets?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

Thank you. I understand that.

While I have the floor, I will ask some other questions on the same themes. We have narrowed in on particular definitions of digital assets. Professor Buchanan advocates that only crypto-style tokens and that technology should be the basis for the definition on the basis of immutability. How do Mr Ferry and Mr Gray feel about restricting the definition or using the more broad definition that the bill uses?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

That is how I have understood it. Thank you.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

We have touched on this already, so I will not go over the same ground, but I want to get your general thoughts on the record about how future proofed the bill is. If I understand the bill’s intention properly, it is a starting point. It establishes the existence of digital assets in Scottish law, and from that point onwards, we have the opportunity to bring in regulations, definitions, guidance and that kind of thing if we want. Given that it is just a starting point and the technology is emerging very quickly, what are your thoughts on the definition of digital assets and how future proofed it is? Have we largely got it right?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

Just to clarify, do the electronic trading documents that Professor Yüksel Ripley mentioned exist separately from the law, or would that point need to be clarified in guidance or elsewhere?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

Are housing deeds an example, or is that a totally different thing? I am sorry; I am opening up a whole thing—do not go there. [Laughter.]

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

I can certainly do that, convener.

Professor Buchanan, I want you to help me to understand something that we discussed with our witnesses in committee last week, which is the nature of the term “immutable”. In the case of this bill, it is probably a legal term rather than a technical one. If I understood what was being said, “immutable” in this context does not mean that it cannot ever be changed; it means that it can only be changed in a tracked way. It seems to me that that would apply to both the distributed ledger and the permissive ledger, as long as you knew who had permission to change it, as opposed to a mechanism in which anybody could change it and where there is no traceability of those changes. Is that your understanding of the term “immutable”?