Official UK government publications or credible news sources reporting new regulations

UK Parliament Passes Bill Recognizing Cryptocurrencies and NFTs as Personal Property

Sep 11, 2024, 04:40 PM

The United Kingdom has introduced and passed a new bill that recognizes cryptocurrencies, NFTs, and other digital assets as personal property. This legislative move aims to clarify the legal status of digital assets by introducing a new personal property category termed 'thing.' Owners of digital assets, including Bitcoin, will now gain enhanced legal protection against fraud and scams. The Labour government has indicated that this bill will provide greater security for holders of digital assets in the country. The bill was introduced in Parliament, and a vote is awaited.