UK Government Introduces Bill to Strengthen Legal Protections for Digital Assets

The UK's new Labour government is set to introduce a bill that will recognize Bitcoin and other digital assets as personal property, strengthening legal protections for their owners, writes Finextra.

The Property (Digital Assets etc) Bill will classify digital assets like cryptocurrency, non-fungible tokens (NFTs), and carbon credits as personal property under the law. According to the government, this will enhance legal safeguards for owners and businesses against fraud and scams, while assisting judges in handling complex cases involving digital assets, such as disputes or settlements in divorce proceedings.

Justice Minister Heidi Alexander stated, "It is crucial that the law evolves with advancing technologies. This legislation will enable the sector to remain a global leader in cryptoassets while providing clarity in intricate property cases."