The UK government has announced plans to introduce a bill that will assess whether cryptocurrencies, including Bitcoin, can be considered “personal property” under domestic law.
This Property Bill, which was announced on Sept. 11, would clarify the legal status of non-fungible tokens (NFTs), cryptocurrency, and carbon credits and establish them as “things” under UK law.
The purpose of this legislation is to ensure that the law keeps up with technological advancements and to solidify the UK’s position as an industry leader in crypto assets.
According to Labour MP and Minister of State Heidi Alexander, this bill will provide much-needed clarity and protection for owners and companies, and help judges navigate complex cases involving digital assets like crypto in matters such as divorce settlements.
