BCGAME - Free 5BTC Daily Bonus!- Bill classifies cryptocurrencies as personal property
- Law offers protection against crypto fraud
- Regulation clarifies rights over digital assets
The British government recently came forward with a project Bill in Parliament that promises to clarify the legal landscape for cryptocurrencies and other digital assets such as non-fungible tokens (NFTs) and tokenized real assets (RWAs). The initiative aims to classify these assets as personal property within the context of UK law.
Justice Minister Heidi Alexander highlighted the importance of this legislation for the legal sector, stating that, once passed, the law will provide clear guidelines for resolving disputes over ownership of these assets, such as in cases of divorce. In addition, the bill will provide stronger protection against fraud and scams for cryptocurrency owners, whether they are individuals or corporations.
The bill proposes the creation of a new category of property, distinct from “things in possession” — which includes tangible items such as money and cars — and “things in action,” such as debts and shares. This new category would allow certain digital assets to be formally recognized as capable of giving rise to personal property rights. “We have concluded that some digital assets are neither things in possession nor things in action, yet the law of England and Wales treats them as capable of being things to which personal property rights can attach,” the Law Commission said in its report.
This legislative move is seen as a key step towards cementing the UK’s position as a regulatory hub for cryptocurrencies, providing greater clarity and legal certainty for investors and users of these technologies.
