On September 11, the UK Parliament introduced the Property (Digital Assets etc) Bill, legally designating digital assets such as cryptocurrencies and NFTs as personal property under British law.
This legislative step aims to address previous legal uncertainties and strategically position the UK as a global leader in the digital assets sector.
The Bill enhances security against fraud and assists in resolving legal disputes involving digital assets, meeting the urgent need for regulatory clarity due to the high number of crypto users in the UK.
Justice Minister Heidi Alexander emphasized the importance of updating laws to keep pace with technological advancements, ensuring the UK remains competitive in the digital assets market.
The Bill's economic impact is expected to be significant, fostering a legally sound environment that attracts business and investment into the UK's legal services sector.
The legislative initiative follows the Law Commission's report recommending digital assets be categorized as personal property, coining the term 'third category things' for such assets.
While the legislation is praised as progressive, some skeptics believe it aims to facilitate easier taxation of digital assets.