The U.K. government has introduced a bill to Parliament proposing legal protections for digital assets, legitimizing them as 'personal property' akin to traditional assets.
As technology advances and humans spend increasing amounts of time online, our relationships with digital assets will become ever more important... ensuring that private law remains flexible for market participants.
The Property (Digital Assets etc) Bill responds to a 2023 Law Commission report emphasizing the need to update legal provisions around personal property rights in the digital age.
Current law distinguishes between tangible goods and intangible assets, highlighting a gap that the new legislation aims to address to better protect digital assets.
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