UK introduces new bill clarifying crypto as personal property

2024-9-12 20:48

UK’s new bill recognises Bitcoin and other digital assets as personal property. Under the new law, crypto owners will enjoy greater legal protection.

The UK parliament has introduced a new bill that clarifies digital assets ownership by recognizing Bitcoin and other crypto assets as personal property.

The new draft law, the Property (Digital Assets etc) Bill, will offer legal protections to crypto holders. It was introduced in the UK parliament on September 11, 2024.

“For the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law,” the Ministry of Justice wrote in a press release published on Wednesday.

The government also shared the news on X.

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

Legal protection for BItcoin, crypto holders

The UK government believes this bill puts the country at the forefront of an emerging crypto market. Per the announcement, the goal is to protect Bitcoin and other digital assets holders under the law.

Recognising these assets as personal property means individuals and companies will enjoy protection against fraud and scams. The justice system will also benefit by being able to handle cases arising from disputes on digital holdings, including in divorce cases.

“Our world-leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry. 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,” UK Justice Minister Heidi Alexander said.

While the UK law recognizes “things in possession” such as gold and money, or “things in action” such as debt or shares, as property, there has been no classification of digital assets in this manner.

As crypto falls into none of the two categories, the new law envisions a third category of “thing.” Crypto will now attract this consideration as asset with personal property rights.

The post UK introduces new bill clarifying crypto as personal property appeared first on CoinJournal.

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