UK Parliament proposes legislation to recognize digital assets as personal property
The post UK Parliament proposes legislation to recognize digital assets as personal property appeared on BitcoinEthereumNews.com.
The Law Commission of the United Kingdom (UK) Parliament introduced the Property (Digital Assets, etc.) Bill on Sept. 11 to recognize digital holdings legally. The proposed legislation deems crypto, non-fungible tokens (NFTs), and carbon credits personal property under British law. This marks the first time in British history that assets will be definitively included in the scope of English and Welsh property law. Justice Minister Heidi Alexander stated: “Our world-leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry.” English personal property law addresses all non-land-based property interests, dividing them into things in possession, such as a car, and things in action, like debt. Clarity and protection Alexander said that keeping the law in pace with evolving technologies is essential, and the new bill aims to provide much-needed clarity regarding complex property cases. The bill is designed to protect owners and companies against fraud and scams and assist judges in complex cases involving disputed digital holdings or settlements. The enhanced protections are expected to potentially attract new crypto companies to the UK, which would result in a £34 billion growth in the local legal services industry. Notably, the statement also highlighted that English law governs an estimated £250 billion of global mergers and acquisitions, and 40% of global corporate arbitrations, making it crucial to keep the law current to maintain the UK’s position. No hard boundaries The Law Commission’s report summary recognized that, under the personal property law, digital assets are neither things in possession nor things in action. The report highlighted that the Law Commission of the UK has introduced a new legal category for crypto assets and other digital objects. This new category is described as “things to which personal property rights…
Filed under: News - @ September 11, 2024 7:27 pm