Digital Assets as Personal Property(UK)

Under the new legislation, digital assets such as cryptocurrencies, NFTs, and even carbon credits would be considered personal property under British law. This categorization offers critical legal guidelines in cases of disputes over ownership, such as during divorce proceedings. Moreover, the bill seeks to protect both individual and corporate owners of digital assets from fraud and scams, giving them legal recourse in such situations.This legislative move is part of a broader government strategy to maintain the UK's competitive edge in the global crypto market. The Ministry of Justice emphasized the importance of this development in a statement, noting,