- Introduction
- Defining Digital Assets
- Strengthening Legal Framework
The United Kingdom has introduced new legislation to define the legal status of digital assets. On September 11, 2024, the UK government unveiled the Property Bill to classify cryptocurrencies and NFTs as personal property.
Introduction
The United Kingdom has announced a new bill to define the legal status of digital assets. This measure seeks to determine whether cryptocurrencies and non-fungible tokens (NFTs) can be considered personal property under current laws.
Defining Digital Assets
The Property Bill establishes a new category of property under UK law, classifying digital assets, including cryptocurrencies and NFTs, as 'things.' This classification is intended to aid judges in navigating complex cases where digital holdings are in dispute.
Strengthening Legal Framework
The legislation will also protect owners and businesses against fraud and scams, further strengthening the legal framework surrounding digital assets. Labour MP and Minister of State Heidi Alexander emphasized the importance of keeping the law up-to-date with technological advancements.
The UK's new bill on the legal status of digital assets marks an essential step towards recognizing cryptocurrencies and NFTs as legitimate personal property. This change strengthens the legal framework and provides additional protection to digital asset owners.
