The U.K. government's bill aims to clarify the legal status of certain digital assets by introducing a new personal property category of "thing" for cryptocurrencies and NFTs, vital for resolving ownership disputes.
Justice Minister Heidi Alexander stated that the proposed new category will allow certain digital assets to attract personal property rights, facilitating legal resolutions in disputes such as divorces.
The Law Commission indicated that digital assets, while not fitting into traditional property categories, can still be recognized under the law as capable of being personal property.
The bill seeks to provide protection for crypto owners facing scams and fraud, establishing legal precedents to better safeguard individuals and companies in the digital asset space.
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