Breaking news! Another big country recognizes digital assets as personal property
The UK Parliamentary Law Committee issued the Property Bill on September 11, legally recognizing digital assets. The proposed legislation will treat Crypto assets, NFTs and carbon credits as personal property under UK law.
This marks the first time in UK history that assets have been explicitly included in the scope of English and Welsh property law.
Attorney General Heidi Alexander said: "Our world-leading legal services are an important part of our economy, helping to drive economic growth and keeping the UK at the heart of the international legal industry."
UK personal property law covers all non-land property rights, dividing them into possession (such as cars) and behavior (such as debts).
Alexander added: "It is vital to keep the law in step with evolving technology, and the new bill aims to provide a clear legal basis for complex property cases."
In addition, the bill also protects owners and companies from fraud and scams, and helps judges in controversial digital property cases.
At the same time, the enhanced protection measures are expected to attract new Crypto companies to the UK. According to rough estimates, this will increase the size of the local legal services industry by £34 billion.
