Uk Takes ‘massive Step Forward,’ Passing Property Laws For Crypto
A bill clarifying that property laws apply to crypto was given royal assent in the UK, with advocates hailing the move as giving crypto “a much clearer legal footing.”
The UK has passed a bill into law that treats digital assets, such as cryptocurrencies and stablecoins, as property, which advocates say will better protect crypto users.
Lord Speaker John McFall announced in the House of Lords on Tuesday that the Property (Digital Assets etc) Bill was given royal assent, meaning King Charles agreed to make the bill into an Act of Parliament and passed it into law.
Freddie New, policy chief at advocacy group Bitcoin Policy UK, said on X that the bill “becoming law is a massive step forward for Bitcoin in the United Kingdom and for everyone who holds and uses it here.”
Common law in the UK, based on judges’ decisions, has established that digital assets are property, but the bill sought to codify a recommendation made by the Law Commission of England and Wales in 2024 that crypto be categorized as a new form of personal property for clarity.
“UK courts have already treated digital assets as property, but that was all through case-by-case judgments,” said the advocacy group CryptoUK. “Parliament has now written this principle into law.”
“This gives digital assets a much clearer legal footing — especially for things like proving ownership, recovering stolen assets, and handling them in insolvency or estate cases,” it added.
CryptoUK said that the bill confirms “that digital or electronic ‘things’ can be objects of personal property rights.”
UK law categorizes personal property in two ways: a “thing in possession,” which is tangible property such as a car, and and a “thing in action,” intangible property, like the right to enforce a contract.
The bill clarifies that “a thing that is digital or electronic in nature” isn’t outside the realm of personal property rights just because it is neither a “thing in possession” nor a “thing in action.”
Source: CoinTelegraph
