UK Introduces Bill to Officially Recognize Cryptocurrency
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
In a move that surprised many, the UK introduced the Property (Digital Assets, etc) Bill to Parliament on September 11 to clarify the legal status of digital assets.
The bill marks the first time in British history that digital holdings will be recognized as personal property under English and Welsh law.
The legislation is expected to provide greater legal protection for tech-savvy digital asset owners and put the UK at the forefront of the global crypto race.
The Property (Digital Assets, etc) Bill proposes the introduction of a new category of personal property specifically for digital assets, alongside the existing categories of “things in possession” (such as gold, money, and cars) and “things in action” (such as debts and shares).
The new category, referred to as “things,” will allow certain digital assets, including cryptocurrencies and NFTs, to be treated as personal property under British law.
This move addresses the legal ambiguity surrounding digital assets’ status, which left owners in a grey area when their assets were interfered with.
Justice Minister Heidi Alexander emphasized the importance of updating the law to keep pace with evolving technologies, stating,
“It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases.”
The changes are expected to help judges and legal professionals navigate complex cases involving digital holdings, including disputes over
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