According to PANews, members of the UK House of Lords expressed their support for the country's Digital Asset Property Bill during a second reading session on Wednesday. The general consensus among the Lords' Grand Committee is that the bill will provide greater clarity on how the legal system should handle cryptocurrencies. This development could signify another step forward for the UK in facilitating the use of cryptocurrencies domestically.
The bill, drafted by the independent statutory body known as the Law Commission, was introduced in the UK in September. It proposes the addition of a new category of 'items' within the property classification to address legal disputes involving cryptocurrencies. The legislation aims to assist judges in criminal cases where cryptocurrencies are stolen due to fraud or hacking. Additionally, it is expected to aid in the division of marital assets, providing a clearer legal framework for handling digital assets in such scenarios.