The British government proposed a landmark move in Parliament on Wednesday to clarify the legal status of digital assets (such as Bitcoin, other cryptocurrencies and NFTs) through a bill, treating them as personal property under English and Welsh law. So will this move really have a positive effect?

If passed, the bill will create a third category of personal property beyond the current classifications of "possessions" and "animals", covering certain digital assets and giving them legal recognition and protection. But will it really work?

Attorney General Heidi Alexander said the law must keep up with technological developments, and this legislation will enable the industry to maintain its global leadership in the field of crypto assets and bring clarity to complex property cases. But will it really achieve such an effect?