The UK Parliament has today introduced the Property (Digital Assets, etc.) Bill to officially and legally recognise bitcoin, cryptocurrencies and other digital assets as personal property. With this new legislation, for the first time, digital assets such as bitcoin and other cryptocurrencies, non-fungible tokens (nfts) and carbon credits would be officially protected under UK law.
“It is essential that the law keeps pace with evolving technologies and this legislation will enable the sector to maintain its position as a global leader in cryptoassets and bring clarity to complex ownership cases,” said Justice Minister Heidi Alexander. “Our world-leading legal services form a vital part of our economy, helping to drive growth and keep Britain at the heart of the international legal industry.”
This bill aims to address a long-standing loophole, as digital assets were excluded from property law in England and Wales. As a result, digital asset owners had little recourse if their holdings were interfered with, leaving them in a legal grey area.
Under the new bill, digital assets will be classified as a third category of property, allowing owners to benefit from greater legal protections against fraud and theft. The legislation will 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 Britain 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 further explained that with 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 industry.
“The UK has passed a new bill that will allow cryptocurrencies and other digital assets to be recognised as personal property,” x.com/MoJGovUK/status/1833898453241360862″>fixed The UK Ministry of Justice's x account. “This means that digital asset owners will get legal protection against fraud and scams.”
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