The UK Introduces New Bill to Clarify Crypto’s Legal Status
11th September 2024: The UK government has today introduced the Property (Digital Assets etc) Bill to Parliament, marking a significant step in clarifying the legal status of cryptocurrencies and other digital assets. This new legislation aims to redefine how digital assets are treated under the law, offering greater protection for owners and enhancing the UK’s position in the global tech landscape. New Legal Framework for Digital Assets The proposed bill will establish a new category of property under English and Welsh law, recognising digital assets such as Bitcoin, NFTs (non-fungible tokens), and carbon credits as “personal property.” This is a significant shift from the previous legal ambiguity surrounding digital holdings. Previously, digital assets did not fit neatly into the existing categories of “things in possession” or “things in action.” This left a legal grey area, particularly concerning issues like fraud an...