According to “The Block”, the British government has submitted a draft to Parliament seeking to formally define crypto assets as property, including non-fungible tokens (NFT) and real-world assets (RWA). Minister of State for Justice Heidi Alexander wrote in a statement released on Wednesday:
"Previously, digital property was not explicitly brought within the scope of property law in England and Wales - leaving owners in a legal gray area when their assets were encumbered. Therefore, this new law will also provide opportunities for owners and companies to Legal protection against fraud and scams, while assisting judges in complex cases where digital assets are in dispute or form part of a settlement, such as divorce cases.”
Alexander described the bill as "a first in British history" and noted that the country currently has two types of property: "corporeal movables" (e.g. gold, money, cars) and "incorporeal movables" (e.g. debts, shares). If passed, the law would introduce a third type of property, "allowing certain digital assets to acquire personal property rights."
Alexander specifically noted that the bill was drafted to maintain the UK’s “leading position in the emerging global cryptocurrency race” and attract more businesses and investment. According to the press release, digital assets generate £34 billion a year for the UK economy.
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