New Delhi: The U.K. government introduced a new bill that seeks to clarify the legal status of cryptocurrencies and other digital assets, providing greater legal protection for their owners, a government release stated.
The Property (Digital Assets etc) Bill, introduced in Parliament on Monday indicates that digital assets including cryptocurrencies, non-fungible tokens (NFTs) such as digital art, and carbon credits can be considered personal property under the law for the first time in British history. This will provide greater legal certainty for the owners of these digital assets, who currently lack the same legal protections as other property types.
The new law will also ensure that the U.K. remains a leader in the global crypto race by being one of the first countries to recognise these assets in law. This is important for attracting businesses and investment into the crypto sector, which is estimated to be worth around £34 billion a year to the U.K. economy.
Justice Minister Heidi Alexander said: “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.
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.”
Also read: UK trains Ukrainian military dog handlers