UK proposes bill to recognize cryptocurrencies as official assets
Representations of Bitcoin and pound banknotes are seen in this illustration taken January 6, 2020. (Reuters Photo)
A new development in the U.K. is set to bring significant changes for cryptocurrency investors.
The U.K. Parliament has introduced a bill that would officially recognize cryptocurrencies, non-fungible tokens (NFTs), and tokenized real-world assets (RWAs) as personal property.
If approved, this legislation would provide a formal legal status to these digital assets.
Bill details
The proposed bill aims to establish clear legal definitions and protections for cryptocurrencies and other digital assets.
If enacted, it would recognize these assets as personal property, offering enhanced legal protections for holders. It also seeks to provide clearer guidelines for resolving property disputes and addressing fraud and deception involving digital assets.
Justice Minister Heidi Alexander’s comments
Justice Minister Heidi Alexander highlighted the bill’s importance for maintaining the U.K.’s leadership in global technological innovation.
“It is essential for our laws to keep up with emerging technologies,” Alexander said.
“This legislation will help ensure that the U.K. remains a global leader in the cryptocurrency sector and will provide clarity in complex property disputes.”
This bill’s introduction could strengthen the U.K.’s position in the digital asset space and provide increased security for cryptocurrency investors.
If passed, it would create a solid legal framework for digital assets and address the evolving needs of this dynamic industry.
