The proposed legislation would create an additional property category under UK law, identifying digital assets as “things.”
The government in the United Kingdom has introduced legislation to determine whether Bitcoin and other cryptocurrencies can be considered “personal property” under local laws.
In a Sept. 11 notice, the UK government announced that the Property Bill would clarify the legal status of non-fungible tokens (NFTs), cryptocurrency and carbon credits. The legislation would create an additional category for property under UK law, identifying digital assets as “things.”
“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,” said Labour MP and Minister of State Heidi Alexander.
