Landmark UK Crypto Bill Recognizes Bitcoin, NFTs, And Tokenized Assets As Personal Property
A UK crypto bill has been passed that recognizes Bitcoin, Non-Fungible Tokens (NFTs), and tokenized assets as personal property under domestic law.
The government announced the new legislation in a Sept. 11 notice, saying it will create a separate category for digital assets under UK law.
Justice Minister Heidi Alexander said the bill will help protect digital asset holders from fraud and ensure UK laws keep up with emerging technologies.
The law is seen aiding judges in handling complex cases involving digital holdings, while strengthening Britain’s position in the fast-growing crypto space.
The UK has introduced a new bill that will allow crypto and other digital assets to be recognised as personal property.
That means owners of digital assets will gain legal protection against fraud and scams.
Read more about it here ➡️ https://t.co/ZJ5SPCta2D pic.twitter.com/M6x6Xms1II
— Ministry of Justice (@MoJGovUK) September 12, 2024
UK Crypto Bill Could Take Months To Come Into Effect
Earlier this year, the Law Commission published draft legislation that proposed crypto be labeled as property. In their findings, the Commission concluded that select digital assets “are neither things in possession nor things in action.”
Following their findings, it was suggested that the legal system treat crypto and other digital assets as “capable of being things which personal property rights can relate.”
The report was one of the first moves taken by the Labour government to look into crypto and digital asset policy since the party took over from the Conservative party in July 4.
It might take some time before the proposed property bill comes into effect. Experts believe that Parliamentary recesses and the party conference season could delay further developments for several months.
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