According to CoinDesk, the UK government has submitted a bill to Parliament regarding the legal status of digital assets, including cryptocurrencies, NFTs and tokenized real-world assets (RWAs).
The bill will clarify that these assets are considered personal property under UK law. Once implemented, it will provide guidance to the legal community in ownership disputes, such as divorce cases, and provide protection for crypto asset holders who are victims of scams and fraud.
The bill’s core is a new property category called “things” that will apply to certain digital assets, which Attorney General Heidi Alexander said would make those assets attractive to personal property rights.
Earlier this year, the Law Commission published a consultation report on draft legislation to label cryptocurrencies as property, concluding that certain digital assets are neither “possessory” nor “actual property” but can still be considered personal property.