UK Introduces Bill to Recognise Digital Assets as Personal Property

2024/09/12 09:55

The UK government has introduced a bill in Parliament seeking to clarify the legal status of digital assets, including cryptocurrencies and NFTs, by officially recognising them as personal property.

A New Category of Personal Property

This bill proposes the creation of a third category of personal property, extending beyond the existing categories of "things in possession" and "things in action." This new classification will specifically encompass digital assets, providing clear legal recognition and safeguarding their ownership under English and Welsh law.

Government Statement

Justice Minister Heidi Alexander emphasised the need for the law to adapt to technological advancements. She stated that the legislation will help ensure that the UK remains a global leader in the digital asset sector while also resolving complex property issues in the courts.

Clearer Legal Framework

The proposed bill offers legal clarity and protection for digital asset holders, including cryptocurrencies, NFTs, and digital carbon credits. It also aims to improve protection against fraud and scams, offering judges clear guidance when handling disputes over digital assets.

This legislative initiative follows the 2023 Law Commission report, which highlighted challenges in recognising digital assets under existing English and Welsh private law. The government’s action places the UK at the forefront of global efforts to integrate digital assets into legal frameworks.

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UK Introduces Bill to Recognise Digital Assets as Personal Property

A New Category of Personal Property

Government Statement

Clearer Legal Framework

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