The UK has decided to clarify ownership of digital assets (crypto, NFTs and similar assets) with a new bill

Crypto Regulation Evolving in UK

A new UK Personal Property Bill has provided an opportunity to bring legal clarity to digital assets, which are now better integrated under UK law.

The move would fill previously problematic “legal gaps” for crypto and NFTs, putting the UK at the forefront of regulating the sector. Until now, the jurisdiction had relied on directives linked to English property law, which had necessarily become problematic in the event of legal disputes.

With the new law, assets would now be protected against fraud and scams, protecting investors (whether they are individual users or companies), and making it easier for judges to resolve legal disputes involving digital assets.

A Crypto-Friendly Regulatory Framework?

“It is essential that the law keeps pace with evolving technologies, and this legislation will help the industry grow by bringing clarity to the most complex ownership cases,” Justice Minister Heidi Alexander said.

The need for such a law arises from the observation that, as of today, there are approximately 23.84 million crypto asset holders in the UK. But promoting a safer and more legally valid environment would be a benefit for the state itself, now ready to attract more companies and investment from the industry.

Digital assets will therefore be treated as real personal property under the name of “third category things”, which in turn also includes other “intangible” assets such as carbon emissions quotas.