The United Kingdom is moving forward with a new bill to clarify the legal status of cryptocurrencies. This bill introduces a new category of personal property that will apply to specific digital assets. Once the bill is enacted, it will help the legal profession settle ownership in disputes, such as divorce cases. Additionally, it will provide protection for crypto owners who have fallen victim to fraud or scams.
The UK’s New Move on Crypto
As reported by The Bit Journal, the UK government has introduced a bill in Parliament addressing the legal status of digital assets, including cryptocurrencies, Non-Fungible Tokens (NFTs), and tokenized real-world assets (RWAs). The bill aims to clarify that these assets are considered personal property under UK law. When passed, it will provide guidelines for legal professionals in resolving disputes related to ownership, such as in cases of divorce. Furthermore, the bill will offer protections for individuals or businesses affected by fraud.
At the heart of the proposal is the introduction of a new category of property, in addition to the existing categories that include physical items like money and cars, and intangible items like debts and shares. Justice Minister Heidi Alexander stated that this new category will allow certain crypto assets to benefit from personal property rights.
Crypto Now Recognized for Personal Property Rights
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Earlier this year, the Law Commission of England and Wales published a consultation on draft legislation that would label crypto as property. The commission’s findings were later summarized in a report, which concluded that this classification would apply to a subset of digital assets, including crypto tokens. According to the Ministry of Justice, the Law Commission stated:
“Some digital assets are neither physical possessions nor things in action, but nonetheless, the law of England and Wales treats them as things to which personal property rights can relate.”
Marathon CEO: Bitcoin is a Perfect Asset Class
Meanwhile, Marathon CEO Fred Thiel has hailed Bitcoin as the perfect asset class. Thiel emphasized that Bitcoin holds value on par with global currencies, banks, and even Banksy’s artwork. He described Bitcoin as a “hard currency,” and expressed optimism that in the coming years, governments, corporations, and financial institutions will all hold orange coins as part of their assets.
Marathon CEO Fred Thiel: “#Bitcoin as an asset class is the perfect asset… And as soon the banks in the U.S. are able to custody and collateralize Bitcoin, the price of Bitcoin will explode.”pic.twitter.com/ZPQJpsG4Iu
— TFTC (@TFTC21) September 10, 2024
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