Bitcoin and other cryptocurrencies clarify legal status
On September 12, the British government proposed a landmark move in Parliament on Wednesday. The bill aims to clarify the legal status of digital assets (including Bitcoin and other cryptocurrencies and NFTs), treating them as personal property under English and Welsh law. Once passed, the bill will create a third category of personal property, beyond the current classification of "possession" and "animals".
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.
