Kingdom

2024

United

Read

On Sept. 11, the UK government&nbsp;introduced&nbsp;the “Property (Digital Assets) Bill,” which means that digital holdings, including cryptocurrency, non-fungible tokens (NFTs) such as digital art, and carbon credits, can be considered personal property under the law.
<blockquote>
 “Tech-savvy owners of <a href="https://cryptopotato.com/these-factors-suggest-bitcoins-btc-bull-run-is-just-getting-started-cq/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and other digital assets will benefit from greater legal protection thanks to an important clarification to the law.” – reads the <a href="https://www.gov.uk/government/news/new-bill-introduced-in-parliament-to-clarify-cryptos-legal-status" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">statement</a>.
</blockquote>
<h2 id="crypto-now-property">Crypto Now Property</h2>
Previously, digital assets were not definitively included in the scope of British property law, “leaving owners in a legal grey area if their assets were interfered with,” it stated.
The announcement continued to state that the new law will also give legal protection to digital asset owners and companies against fraud and scams.
It will also help judges deal with complex cases where digital holdings are disputed or form part of settlements, such as in divorce cases.
<blockquote class="twitter-tweet">
 The UK has passed a new bill that will allow crypto and other digital assets to be recognised as personal property.
 That means owners of digital assets will gain legal protection against fraud and scams.
 Read more about it here <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/27a1.png" alt="➡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/IQwPvWJXUk" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/IQwPvWJXUk</a> <a href="https://t.co/LxhHUws4Qp" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/LxhHUws4Qp</a>
 — Ministry of Justice (@MoJGovUK) <a href="https://twitter.com/MoJGovUK/status/1833898453241360862?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">September 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
UK Justice Minister Heidi Alexander said:
<blockquote>
 “It is essential that the law keeps pace with evolving technologies, and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases.”
</blockquote>
The new law has been introduced following a report by the UK Ministry of Justice in 2023.
It concluded that “some digital assets are neither things in possession nor things in action, but that nonetheless the law of England and Wales treats them as capable of being things to which personal property rights can relate.”
The announcement also stated that this will be a plus for the country’s legal sector which will be “better equipped to respond to new technologies, attracting more business and investment to the legal services industry.”
<h2 id="not-all-good-news">Not All Good News?</h2>
Several respondents to the announcement on crypto Twitter said the new bill gives the government greater powers to tax or seize what is now considered “property.”
The recently elected Labour government has already announced grand plans to hike taxes across the board. Whether this applies to digital assets under their new guise remains to be seen.
Some researchers were more bullish <a href="https://x.com/SMQKEDQG/status/1833909788872479051" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">suggesting</a> that new <a href="https://cryptopotato.com/stablecoins-hit-record-market-cap-of-nearly-170-billion-after-year-of-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">stablecoin</a> laws will be established in the UK by the end of 2024.
The post <a href="https://cryptopotato.com/new-uk-legislation-classifies-crypto-as-personal-property/" rel="noopener noreferrer nofollow">New UK Legislation Classifies Crypto as Personal Property</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

New UK Legislation Classifies Crypto as Personal Property

Table of Contents

CryptoPotato_News

Other articles published on Sep 12, 2024

CryptoPunk #2385 Traded for 10 ETH, 96% Below Valuation- Data

These New Altcoins Can Mint Millionaires This Autumn With $1k Budget

FLOKI Completes $CAT Airdrop, But an Error Leaves Some Users Tokenless

Bitcoin price slips from $58K as US PPI, jobless claims surprise

Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre

Aave And These 2 Altcoins Could Rise As Crypto Market Rebounds

Join our free newsletter for daily crypto updates!