Historic breakthrough! The UK includes Bitcoin in personal property
The Digital Assets and Other Property Bill introduced by the UK Parliament on September 11 marks a major shift in property law in England and Wales.
Under this bill, Bitcoin and other digital assets are considered personal property for the first time. The passage of the bill will provide greater legal protection for digital assets such as cryptocurrencies, non-fungible tokens (NFTs) such as digital art, and carbon credits.
Previously, digital assets were not clearly defined within the scope of property law in England and Wales, which resulted in owners falling into a legal gray area when digital assets were infringed. The new bill will provide legal protection for digital asset owners and companies to prevent fraud and scams, while helping judges deal with complex cases involving digital assets, such as disputes in divorce property division.
Attorney General Heidi Alexander said:
“Our world-leading legal services sector is a vital part of the economy, driving growth and keeping the UK at the heart of the international legal industry. Ensuring the law keeps pace with technological developments is vital. This legislation will help the legal industry continue to lead the world in crypto assets, while bringing clarity to complex property cases.”
The passage of this legislation also means the UK legal industry will be better prepared to respond to emerging technologies, attracting more business and investment. The UK legal services sector contributes £34 billion to the economy every year.
It is estimated that English law governs £250 billion worth of mergers and acquisitions worldwide and accounts for 40% of corporate arbitration cases worldwide. Therefore, ensuring the law keeps up to date is vital to keeping the UK at the forefront of the choice of law internationally
