Today, the UK Parliament has unveiled the Property (Digital Assets etc) Bill to formally acknowledge Bitcoin, cryptocurrency, and various digital assets as personal property. This new legislation marks the first instance where British law will provide legal protection for digital assets, including Bitcoin, other cryptocurrencies, non-fungible tokens (NFTs), and carbon credits.
“It is crucial that the law evolves in line with advancing technologies, and this legislation will enable the sector to uphold its status as a global leader in cryptoassets while clarifying multifaceted property issues,” commented Justice Minister Heidi Alexander. “Our world-class legal services are a key aspect of our economy, propelling growth and positioning Britain at the forefront of the international legal sphere.”
This bill seeks to close a longstanding legal void where digital assets were not recognized under English and Welsh property law. Consequently, owners of digital assets found themselves with limited options if their assets were compromised, putting them in a precarious legal situation.
With the introduction of this bill, digital assets will be recognized as a distinct category of property, enabling owners to enjoy enhanced legal safeguards against fraud and theft. Additionally, the legislation will aid courts in disentangling complex disputes, such as those linked to divorce settlements or business contracts involving digital assets.
“The Bill will also ensure that Britain remains at the forefront of the emerging global crypto landscape by being among the first nations to legally recognize these assets,” declared the announcement.
The UK government further noted that this new legislation will better prepare the legal sector to engage with these novel technologies and draw in more business and investment within the legal services industry.
“The UK has enacted new legislation that will acknowledge crypto and other digital assets as personal property,” reported the UK Ministry of Justice X account. “This means that owners of digital assets will receive legal protection against fraud and scams.”
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