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A cryptocurrency bill has been passed in the UK that recognises bitcoinnon-fungible tokens (nfts) and tokenized assets as personal property under national law.
The government announced the new legislation on September 11. warningsaying it will create a separate category for digital assets under UK law.
Justice Minister Heidi Alexander said the bill would help protect digital asset holders from fraud and ensure UK laws keep pace with emerging technologies.
The law is seen as helping judges handle complex cases involving digital holdings, while strengthening Britain's position in the fast-growing crypto space.
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The UK has introduced a new bill that will allow cryptocurrencies and other digital assets to be recognised as personal property.
This means that digital asset owners will gain legal protection against fraud and scams.
Read more about this here https://t.co/ZJ5SPCta2D image.twitter.com/M6x6Xms1II
— Ministry of Justice (@MoJGovUK) twitter.com/MoJGovUK/status/1834148280588210324?ref_src=twsrc%5Etfw”>September 12, 2024
UK cryptocurrency bill could take months to come into effect
Earlier this year, the Law Commission published draft legislation that proposed crypto be labelled as property. In its findings, the Commission concluded that certain digital assets “are neither objects in possession nor objects in action.”
Following their findings, it was suggested that the legal system treat cryptocurrencies and other digital assets as “capable of being things to which personal property rights can be attached.”
The report was one of the first steps taken by the Labour government to examine policy on cryptocurrencies and digital assets since the party replaced the Conservative Party on July 4.
It may take some time before the property bill comes into force. Experts believe that parliamentary recesses and the party congress season could delay progress for several months.
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