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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. Session 6: 13 May 2021 to 8 April 2026
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Displaying 325 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 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鈥攑erhaps 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.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I will reflect on that. Whether carbon credits or anything else will be identified as property will come down to how the bill is interpreted. The bill is there to lay down the key principles of what would define digital assets as property, so the consideration of carbon credits or anything else will depend on the definition of property in a digital world.

With regard to future proofing, some witnesses鈥攑erhaps Lord Hodge or Professor Fox鈥攎ade the point that, to a certain extent, we can deal only with the here and now. Technology is changing quickly, and we cannot really future proof something when the world is changing so fast and we do not know where we will be in 10 or 20 years鈥 time. I think that there was an acceptance that Parliament might have to deal with that once it becomes clearer, but the bill is really about dealing with the here and now.

I know that this is an open-ended debate and people will have their own views on it, but the witnesses made some good points in that regard.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

The bill鈥檚 purpose is not to solve disputes; it is to determine what digital property is. Other legislation deals with all those issues, but the bill identifies or classifies digital assets as property.

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

As you are aware, all developments are subject to environmental assessment, and that applies to data centres as much as to any other infrastructure for AI or for the digital revolution that is taking place. As the policy evolves, we will have to have more answers to those questions, because, if the demand for energy is going to get bigger and bigger as the years go on, we are going to have to calculate what that demand will be and what impact it will have on Scotland, and we will have to look at the environmental assessments to ensure that we are working within our limits.

10:30  

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

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

I was going to say, 鈥淭hat鈥檚 not my problem.鈥 [Laughter.]

Economy and Fair Work Committee [Draft]

Digital Assets (Scotland) Bill: Stage 1

Meeting date: 17 December 2025

Richard Lochhead

I am going to bring in colleagues. I know that Kieran Burke was keen to come in on your previous point, so if I can bring him in to talk about the policy perspective, we will come back to your point on tokenisation.