bill
UK Parliament Introduces Bill to Recognize Bitcoin and Crypto as Personal Property
Published
2 months agoon
By
adminThe UK Parliament has introduced the Property (Digital Assets etc) Bill today to officially and legally recognize Bitcoin, cryptocurrency, and other digital assets as personal property. With this new legislation, for the first time, British law would officially protect digital holdings such as Bitcoin and other cryptocurrencies, non-fungible tokens (NFTs), and carbon credits.
JUST IN: 🇬🇧 UK Parliament introduces bill to recognize #Bitcoin as personal property. pic.twitter.com/FzMHgmIZjx
— Bitcoin Magazine (@BitcoinMagazine) September 11, 2024
“It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases,” said Justice Minister Heidi Alexander. “Our world-leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry.”
This bill aims to address a long-standing legal gap, where digital assets were previously excluded from English and Welsh property law. As a result, owners of digital assets had little recourse if their holdings were interfered with, leaving them in a legal grey area.
Under the new bill, digital assets will be classified as a third category of property, allowing owners to benefit from stronger legal protections against fraud and theft. The legislation will also assist courts in resolving complex disputes, such as those arising in divorce settlements or business agreements involving digital assets.
“The Bill will also ensure Britain maintains its pole position in the emerging global crypto race by being one of the first countries to recognise these assets in law,” stated the announcement.
The UK government further explained that with this new legislation, their legal sector will be better equipped to respond to these new technologies and attract more business and investment to the legal services industry.
“The UK has passed a new bill that will allow crypto and other digital assets to be recognised as personal property,” stated the UK Ministry of Justice X account. “That means owners of digital assets will gain legal protection against fraud and scams.”
Source link
You may like
How many cryptocurrencies are there? Total number and types
Who is Most Likely to Replace Gary Gensler After Trump Win?
Detroit To Accept Tax Payments In Crypto, Here’s When
Analyst says $1 is impossible for Shiba Inu, Dogecoin price soars
Coinbase Brings Bitcoin to Solana with cbBTC
Here’s How Quickly Gary Gensler Could Lose His SEC Chair Gig Under Trump
How many cryptocurrencies are there? Total number and types
Who is Most Likely to Replace Gary Gensler After Trump Win?
Detroit To Accept Tax Payments In Crypto, Here’s When
Analyst says $1 is impossible for Shiba Inu, Dogecoin price soars
Coinbase Brings Bitcoin to Solana with cbBTC
Here’s How Quickly Gary Gensler Could Lose His SEC Chair Gig Under Trump
The Bitcoin Report: Key Trends, Insights, and Bitcoin Price Forecast
Eclipse launches public mainnet of first SVM L2 on Ethereum
How Far Can Cardano Price Rise in November?
Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?
Satoshi Nakamoto: The Robin Hood of the Digital Age, But He Stole from Himself
Following SHIB’s success, XYZ coin could bring 19,900% gains: $1,000 could yield $200k
Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook
Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?
TRUMP, MAGA, and other Trump-themed tokens crash after election day
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?