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UK Government Introduces Bill to Define Legal Status of Cryptocurrencies
Summary: The UK government has introduced a new bill, the Property Bill, to clarify the legal status of digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and carbon credits under local law. The legislation would create a new category for digital assets, formally recognizing them as "things" in legal terms. This move aims to offer protection ...
The UK government has introduced a new bill, the Property Bill, to clarify the legal status of digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and carbon credits under local law. The legislation would create a new category for digital assets, formally recognizing them as "things" in legal terms. This move aims to offer protection to owners and companies from fraud, and aid in complex legal cases where digital holdings, like in divorce settlements, are disputed. Minister of State Heidi Alexander highlighted that this measure ensures the UK keeps pace with technological advances and maintains its global leadership in crypto. The bill follows a 2023 Ministry of Justice report, which acknowledged that certain digital assets can be considered personal property, even if they do not fit traditional categories.
Tags: NFT,Property,UK
Link: UK Government Introduces Bill to Define Legal Status of Cryptocurrencies [Copy]
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