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In a landmark move, the U.K. government has proposed a bill that seeks to categorize digital assets such as Bitcoin (CRYPTO: BTC) and non-fungible tokens (NFTs) as personal property under English and Welsh law.
What Happened: The Property (Digital Assets etc) Bill aimed to establish a third type of personal property, extending beyond the current categories of “things in possession” like gold and cars and “things in action” like debt and shares, Decrypt reported Wednesday.
This new category would encompass certain digital assets, providing them with explicit legal recognition and protection against scams and fraud, while assisting judges in dealing with situations where digital holdings are disputed or part of settlements
“The Bill will also ensure Britain maintains its pole position in the emerging global crypto race by being one of the first countries to recognize these assets in law,” the press release from the Ministry of Justice read.
This legislative initiative follows a 2023 Law Commission report that highlighted potential obstacles to recognizing digital assets as property under English and Welsh private law.
See Also: ‘Gold Bull’ Peter Schiff Claims Bitcoin ‘Lacks Intrinsic Value And Is Destined To Fail’
Why It Matters: The bill proposal came in the wake of reports that U.K.-based cryptocurrency firms faced an 87% rejection rate in the Financial Conduct Authority (FCA) registration process. The high rejection rate was part of a broader trend since the FCA began overseeing cryptocurrency sector registrations in January 2020.
According to Gemini‘s 2024 Global State of Crypto report, about 38% of non-owners blamed regulatory concerns as a barrier to investing in cryptocurrencies.
The proposed legislation could potentially ease these regulatory hurdles and foster a more conducive environment for the growth and development of the crypto industry in the U.K.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
