On September 11, 2024, the UK Parliament introduced the Property (Digital Assets, etc.) Bill, marking a major milestone in the legal recognition of cryptocurrency and other digital assets, such as NFTs and carbon credits. For the first time, these assets will be classified as personal property under English and Welsh law. This groundbreaking legislation provides digital asset owners with stronger legal protections against fraud and theft.
The bill aims to address a longstanding legal gap, where digital assets had no formal classification within traditional property law. With this new legislation, digital assets will now fall under a third category of property—distinct from physical possessions and financial instruments—allowing owners to assert property rights over their holdings.
Justice Minister Heidi Alexander stated, “It is essential that the law keeps pace with evolving technologies. This legislation will mean the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases.”
By providing legal clarity, the bill is expected to foster greater confidence in the UK’s legal framework, attracting more investment in the cryptocurrency space and solidifying the UK’s position as a global leader in digital asset innovation
