The UK government has introduced a bill to Parliament aimed at clarifying the legal status of digital assets such as cryptocurrencies, NFTs and tokenized real-world assets (RWA).
This bill will make it clear that digital assets will be treated as personal property under UK law. If enacted, the law would provide legal professionals with guidance when ownership is disputed, such as during a divorce. Additionally, it will provide cryptocurrency holders (whether companies or individuals) with protection in the event of fraud or scams.
The core of this proposal is to add another category to the existing categories of "things in possession" (such as money and cars) and "things in action" (such as bonds and stocks). New property categories.
UK Justice Minister Heidi Alexander said in a statement that the new property category would allow digital assets to gain the same legal status as personal property.
Earlier this year, the Law Commission, which reviews and recommends changes to the laws of England and Wales, published a consultation on draft legislation to mark cryptocurrencies as property and later published a report on its findings. According to the Ministry of Justice, the conclusions apply to sub-categories of digital assets, primarily cryptocurrencies.
The Law Commission said in its report: "We conclude that some digital assets are neither property holdings nor movables, but the law of England and Wales still treats them as property, that is, personal property that can be claimed. items."
〈Clarify the "legal status" of cryptocurrency! British Government Proposal: New Property Category> This article was first published on "Blocker".
