The UK Parliament today introduced the Property (Digital Assets etc.) Bill to formally and legally recognise Bitcoin, cryptocurrencies and other digital assets as personal property. Through this new legislation, for the first time, digital assets such as Bitcoin, other cryptocurrencies, non-fungible tokens (NFTs) and carbon credits will be formally protected under UK law.
Urgent: 🇬🇧 The UK Parliament has introduced a bill to recognize #Bitcoin As personal property. pic.twitter.com/FzMHgmIZjx
— Bitcoin Magazine (@BitcoinMagazine) September 11, 2024
“It is essential that the law keeps pace with evolving technologies, and this legislation means the sector can maintain its position as a global leader in crypto assets and bring clarity to complex ownership issues,” said Justice Minister Heidi Alexander. “Our world-leading legal services are a vital part of our economy, helping to drive growth and keep the UK at the heart of the international legal industry.”
This bill aims to address a long-standing legal gap, where digital assets were previously excluded from English and Welsh property law. As a result, digital asset owners had no recourse if their property was interfered with, leaving them in a legal grey area.
Under the new bill, digital assets would be classified as a third class of property, allowing their owners to benefit from stronger legal protections against fraud and theft. The legislation would also help courts resolve complex disputes, such as those arising in divorce settlements or business agreements involving digital assets.
“The bill will also ensure that the UK maintains its leading position in the emerging global cryptocurrency race by being one of the first countries to recognise these assets in law,” the statement said. advertisement.
The UK government also explained that thanks to this new legislation, its legal sector will be better equipped to respond to these new technologies and attract more business and investment to the legal services sector.
The UK has passed a new bill that would allow cryptocurrencies and other digital assets to be recognized as personal property. Stated UK Justice Department X account. “This means that digital asset owners will have legal protection against fraud and scams.”