UK Bill to Clarify Legal Status of Crypto

Legislation has been introduced by the government of the United Kingdom to assess whether Bitcoin and other crypto can be classified as "personal property" under local law.

In a notice on September 11, the government of the UK shared that the property bill would make clear the legal status of NFTs, crypto, and carbon credits.

The bill would classify digital assets as "things," adding a new category to property under UK law.

According to Labour MP and Minister of State Heidi Alexander:

It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases.

The proposed law according to the government will:

Give legal protection to owners and companies against fraud and scams while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.

In response to a report commissioned by the Ministry of Justice of the UK in 2023, the law was introduced.

Since the conservatives took control after a July 4 election, the legislation was one of the first moves by the Labor government to address the policies related to digital assets and blockchain.

@hivepulse

Image source: Investopedia

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