PANews reported on November 7 that according to CoinDesk, members of the British House of Lords expressed support for the country's Digital Asset Property Bill at the second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step forward for the UK in paving the way for the use of cryptocurrencies in the country.
The bill was drafted by the Law Commission, an independent statutory body, and introduced in the UK in September. The bill adds a new category of "articles" to the categories of property to help resolve cryptocurrency legal disputes. The bill will not only help judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking, but will also help divide marital property.