Blogs & Articles: UK Parliament Proposes Bill To Classify Bitcoin and Crypto as Personal Property 🔗 7 days ago

The UK Parliament introduced the Property (Digital Assets etc), which aims to officially recognize Bitcoin, cryptocurrencies, and other digital assets as personal property. 

The proposed legislation would, for the first time, provide legal protection for digital assets such as Bitcoin, non-fungible tokens (NFTs), and carbon credits under British law.

Justice Minister Heidi Alexander commented on the bill, 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." 

She also noted the role of the UK's legal services in supporting the economy and the country's position within the international legal industry.

Currently, digital assets are not explicitly covered by English and Welsh property law, leaving owners with limited legal recourse in cases of fraud or interference. 

The bill aims to address this gap by classifying digital assets as a third category of property. 

This classification is intended to strengthen legal protections for asset owners and assist courts in resolving disputes related to Bitcoin and digital assets, including those in divorce proceedings and business agreements.

The UK government also emphasized that the bill would enable the nation's legal services to better handle Bitcoin and other digital technologies, potentially attracting more business and investment in this sector.

In a post on X, the UK Ministry of Justice stated that the bill would grant digital asset owners legal protection against fraud and theft.

The UK has passed 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/IQwPvWJXUk pic.twitter.com/LxhHUws4Qp

— Ministry of Justice (@MoJGovUK) September 11, 2024