Regulation
UK Grants Legal Clarity To Digital Assets With New Crypto Bill
The UK government has introduced a new bill in Parliament that provides legal clarity to the status of digital assets, including cryptocurrencies and non-fungible tokens (NFTs). The Property (Digital Assets etc) Bill, presented on 11 September, officially categorizes these assets as personal property under English and Welsh law.
UK Introduces Legal Protections for Digital Assets
The Ministry of Justice, along with Justice Minister Heidi Alexander, has introduced new legislation that clarifies the legal status of digital assets under UK law. The Property (Digital Assets etc) Bill ensures that digital holdings such as Bitcoin, NFTs, and carbon credits are recognized as personal property for the first time in English and Welsh legal history.
Prior to the introduction of this bill, the status of digital assets was ambiguous, leaving owners vulnerable to fraud and other risks. By establishing legal protections, the new bill provides a clear framework for addressing disputes and legal claims involving digital holdings, such as those arising from fraud or during divorce proceedings.
This a Breaking News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: