The bill, introduced by Justice Secretary Heidi Alexander, aims to formally recognise digital assets, including cryptocurrencies and non-fungible tokens (NFTs), as personal property in the UK and Wales.
According to the bill’s authors, the document removes legal uncertainty around digital assets that were previously not clearly classified as property, leaving their owners vulnerable to disputes or fraud.
“The bill will help the UK maintain its leading position in the emerging global cryptocurrency race by becoming one of the first countries to recognize these assets at the legislative level,” the document notes.
The government’s initiative is a response to the Law Commission’s 2023 report, commissioned by the Ministry of Justice, examining ways to recognise digital assets as property under private law in the UK and Wales.
Previously, the UK Financial Conduct Authority (FCA) rejected 87% of registration applications submitted by cryptocurrency companies due to insufficient anti-fraud measures.
Source: Bits
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