Key Takeaways:
- The UK proposes a new Property Bill classifying digital assets like Bitcoin, cryptocurrencies, and NFTs as legal “things” in property law.
- The bill aims to protect against fraud, assist courts in disputes, and modernize legal treatment of digital assets.
- Labour MP Heidi Alexander stresses the importance of this move to maintain the UK’s leadership in the crypto sector.
The UK government has proposed a new Property Bill that seeks to clarify the legal status of digital assets like Bitcoin, cryptocurrencies, and NFTs under UK law.
Announced on September 11, this legislation introduces a new legal category for digital assets, treating them as “things” in property law.
The UK has passed a new bill that will allow crypto and other digital assets to be recognised as personal property.
— Ministry of Justice (@MoJGovUK) September 11, 2024
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
Labour MP Heidi Alexander highlighted the need for the law to keep up with technological advancements to ensure the UK’s leadership in the crypto sector and provide clarity in complex property cases.
The bill aims to protect against fraud and scams and assist courts in handling disputes involving digital assets, including in divorce cases.
The move follows a 2023 report that recommended personal property rights for digital assets, which don’t fit into existing legal categories.
🚨 BREAKING 🚨
— Ash Crypto (@Ashcryptoreal) September 11, 2024
UK 🇬🇧 INTRODUCES NEW BILL IN
PARLIAMENT TO CLARIFY LEGAL
STATUS OF CRYPTO.
UNDER THIS LAW, BITCOIN AND
OTHER CRYPTO ASSETS WILL
BE CONSIDERED AS PERSONAL
PROPERTY.
GIGA BULLISH FOR ADOPTION 🔥 pic.twitter.com/A7iJco8Y53
This bill marks one of the Labour government’s first steps in regulating digital assets, though further action may be delayed due to parliamentary recesses.
Similar regulatory challenges could arise in the US, especially with elections approaching.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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