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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 14 December 2025
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Displaying 921 contributions

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Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

That is really helpful. If I have understood you correctly, the bill is not the place to include that aspect, but we need to come back to it鈥攁nd fairly urgently, because it sounds as though that is needed.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

With regard to the legislation in front of us, are you suggesting that we should add something?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

Sorry, Professor Buchanan鈥擨 was signalling to the convener. Please carry on.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

I am hearing a description of how a particular digital asset technology operates. However, the bill seeks to incorporate other types of digital asset technology that use a different type of accounting mechanism. It is not a distributed or automated mechanism; it might be a permission system or something else. Are you suggesting that the bill should restrict itself to only those distributive systems and not cover other types of digital assets? The intention of the bill is to include a broader type of asset class, whether or not you consider those asset classes to be secure or to have secure audit trails and so on. The question is whether the law should recognise those as digital assets in the first place.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

That is really helpful. In my next question, I will go back to the issue of tokenisation, but with a slightly different approach. Tokenisation is a key growth area in the sector, but not all digital assets are represented by tokens. They are a particular manifestation of a way to show ownership of an asset. There are at least two questions there. Is it a problem that tokenisation is not mentioned in the bill? Is the bill sufficiently broad to allow the expansion of tokenisation鈥擯rofessor Buchanan said that tokens could come to represent physical assets and that they could be implemented differently鈥攁s well as other innovations that come up? Is the bill sufficiently future proofed?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

It is not clear to me that legislation is required in order to be able to do that. The bill is one step down. We all get that a plane ticket or the register of cars can be tokenised, in theory, but we want to be able to recognise digital assets as assets for the purpose of the law. Some of those assets might be represented as tokens and some might not, but that is where the bill sits. Is that your understanding?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

That is a helpful contribution. Are there any other thoughts on the definition and future proofing?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

So, it is not clear that those electronic documents do or do not exist separately from the law. That is interesting, thank you.

Do you have any thoughts, Dr MacPherson?

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 3 December 2025

Lorna Slater

That is not made clear by the bill. Something else would be needed.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 26 November 2025

Lorna Slater

I have questions about the futureproofing of the legislation and your comfort with where it currently sits. First, the bill鈥檚 definition of a digital asset requires an immutable record from the electronic system involved. Could that limit the adoption of future technology if it does not operate as blockchain does currently?