The UK has introduced a new bill that defines crypto as private property

The UK's new bill recognizes Bitcoin and other digital assets as private property. With the new law, crypto owners will get more legal protection.

The UK Parliament has introduced new legislation to clarify the ownership of digital assets, recognizing Bitcoin and other crypto-assets as private property.

The new bill, the Assets (Digital Assets etc.) Bill provides legal protection to crypto holders. Introduced by the UK Parliament on September 11, 2024.

“For the first time in British history, digital assets including cryptocurrency, intangible tokens such as digital art and carbon credits can be considered private property under the law,” the Ministry of Justice wrote in a press release published on Wednesday.

The government shared the news on X.

The UK has passed a new bill that will allow crypto and other digital assets to be recognized as private property.

That means that the owners of digital assets get legal protection from fraud and fraud.

Read more about him here ➡️ pic.twitter.com/LxhHUws4Qp

— Ministry of Justice (@MoJGovUK) September 11, 2024

Legal protection for Bitcoin, crypto holders

The UK government believes this legislation will put the country at the forefront of the emerging crypto market. According to the announcement, the goal is to protect Bitcoin and other digital assets according to the law.

Recognizing these assets as personal property means that individuals and companies are protected from fraud and fraud. The justice system will benefit from being able to handle disputes over digital possessions, including divorce cases.

“Our world-leading legal services are a vital part of our economy, helping to drive growth and keep Britain at the heart of the global legal industry. UK Justice Secretary Heidi Alexander said it was important that the law kept pace with evolving technologies and that this legislation would cement the sector's position as a global leader in cryptoassets. He can maintain and clarify complex property issues, he said.

Although UK law recognizes “things in possession” or “things in action” such as debt or shares as assets, digital assets are not classified in this way.

As crypto does not fall into either of the two categories, the new law introduces a third category of “things”. Crypto now draws this consideration as an asset with private property rights.