The UK introduces a historic bill to Parliament defining crypto assets, including NFTs and real-world assets, as property. The move aims to strengthen the country’s position in the global crypto market.
Bollywood Fever: The UK government has introduced a groundbreaking bill to Parliament that seeks to formally define crypto assets, including non-fungible tokens (NFTs) and real-world assets, as property under English and Welsh law.
The bill aims to address a legal gap that left owners of digital assets in a “grey area” if their assets were interfered with, according to Heidi Alexander MP, Minister of State at the Ministry of Justice.
This bill marks a first in British history, as it introduces a third category of property to the existing two: “things in possession” (e.g., gold, money, cars) and “things in action” (e.g., debts, shares). If passed, the new law would allow digital assets to attract personal property rights, providing legal clarity to asset owners.
The initiative is designed to maintain Britain’s leading position in the global crypto race and attract more businesses and investments.
Currently, digital assets contribute £34 billion annually to the UK economy, according to the ministry’s press release.
While the UK has had a mixed relationship with crypto, the bill was drafted in response to the Law Commission’s 2023 report, which concluded that digital assets, though not fitting into traditional property categories, should still be treated as property.
This move underscores the government’s ambition to turn the UK into a digital asset hub while balancing regulatory caution.
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