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New Legislation in the UK: Cryptocurrencies Included in Personal Property Protection System
Summary: According to reports from Cointelegraph, the UK has officially passed a bill that includes digital assets such as cryptocurrencies and stablecoins as property, advocates say this will provide stronger legal protection for crypto users. Lord John McFall, Speaker of the House of Lords in the UK, stated on Tuesday that the 'Property (Digital Assets etc) ...
According to reports from Cointelegraph, the UK has officially passed a bill that includes digital assets such as cryptocurrencies and stablecoins as property, advocates say this will provide stronger legal protection for crypto users.
Lord John McFall, Speaker of the House of Lords in the UK, stated on Tuesday that the 'Property (Digital Assets etc) Bill' has received Royal Assent, meaning formal approval from King Charles III, and has officially become law.
Freddie New, policy director of the Bitcoin Policy UK organization, stated on X that the passing of this bill into law is a significant step forward for Bitcoin development in the UK, and a major positive for all those holding and using Bitcoin in the country. In the UK, the common law system developed by judicial precedent had already recognized digital assets as property, but this bill aims to formally codify this principle and implement recommendations made by the Law Commission of England and Wales in 2024 - specifically categorizing crypto assets as a new form of personal property rights to enhance legal clarity.
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