UK Classifies Crypto as Personal Property in New Digital Assets Bill

The UK government has introduced a bill that officially classifies cryptocurrencies, NFTs, and other digital assets as personal property, providing owners with enhanced legal protection against fraud and disputes.

On September 11, the UK government introduced the “Property (Digital Assets) Bill,” which officially recognizes cryptocurrencies, non-fungible tokens (NFTs), and carbon credits as personal property under the law. This landmark legislation aims to provide clarity and legal protection to digital asset holders, giving them rights similar to those of traditional property owners.

According to the statement, “Tech-savvy owners of Bitcoin and other digital assets will benefit from greater legal protection thanks to an important clarification to the law.” Prior to this bill, digital assets were not fully recognized under British property law, leaving owners vulnerable if their assets were compromised or involved in legal disputes.

The new law is expected to safeguard digital asset owners and companies against fraud and scams while providing courts with clearer guidelines for handling complex cases involving digital assets. These could include disputes over ownership in divorce settlements or other legal settlements.

UK Justice Minister Heidi Alexander said, “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.”

This new legislation follows recommendations from the UK Ministry of Justice, which published a report in 2023. The report highlighted the unique nature of digital assets and their place in legal frameworks.

While the bill provides much-needed protection for digital asset owners, it has also raised concerns. Some critics on crypto Twitter have pointed out that this classification could potentially grant the government broader powers to tax or seize these assets, similar to traditional property.

The UK’s recently elected Labour government has already proposed widespread tax hikes, leaving many to wonder how this new bill might affect digital asset owners financially. Nonetheless, some experts predict that new laws regarding stablecoins will also be implemented in the UK by the end of 2024, further solidifying the country’s leadership in the global crypto space.

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