UK Legislation Classifies Digital Assets as Personal Property
The UK Ministry of Justice has introduced the Property (Digital Assets etc) Bill. Which recognizes digital assets like bitcoin and NFTs as personal property under English and Welsh law.
Led by Justice Minister Heidi Alexander, the bill aims to address legal uncertainties and provide better protection for digital asset owners in cases of fraud and disputes. This legislation positions the UK as a leader in global digital asset regulation. Potentially boosting its economy and legal services sector.
The bill also aligns with recommendations from a 2023 Law Commission report and is expected to enhance the UK’s global legal standing.
Clever Robot News Desk 13th September 2024
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