UK Bill Recognizes Digital Assets as Personal Property Under New Law
UK Bill Recognizes Digital Assets as Personal Property Under New Law
The UK Ministry of Justice has introduced the Property (Digital Assets etc) Bill to recognize bitcoin and other digital assets as personal property under English and Welsh law. Led by Justice Minister Heidi Alexander, this bill addresses legal uncertainties around digital assets, ensuring better protection for owners in fraud cases and disputes. It also positions the UK as a leader in global digital asset regulation, boosting its economy and legal services.
UK Introduces Bill to Legally Recognize Digital Assets
The UK government announced on Wednesday that the Ministry of Justice has introduced the Property (Digital Assets etc) Bill to clarify the legal status of bitcoin and other digital assets. The bill, led by Justice Minister Heidi Alexander, seeks to formally recognize digital assets, including cryptocurrencies and non-fungible tokens (NFTs), as personal property under English and Welsh law.
