Great Britain introduces new draft law that clarifies cryptocurrencies as personal property

• The new British bill recognizes Bitcoin and other digital assets as personal property.
• according to the new law, crypto owners enjoy greater legal protection.

The British Parliament has brought in a new draft law that clarifies the ownership of digital assets by recognizing Bitcoin and other crypto assets as personal property.

The new law draft, the property (digital assets etc.) Bill, is intended to offer crypto owners legal protection. He was introduced to the British Parliament on September 11, 2024.

"For the first time in British history, digital assets, including cryptocurrencies, cannot be considered as personal property such as digital art and emission certificates", the Ministry of Justice wrote in a press release published on Wednesday.

The government also divided the news about X.

Great Britain has passed a new law that enables the recognition of cryptocurrencies and other digital assets as personal property.

This means that owners of digital assets receive legal protection against fraud and dizziness.

Read more about it ➡️ https://t.co/iqwpvwjxuk pic.twitter.com/lxhhuws4qp

- Ministry of Justice (@mojgovuk) 11. September 2024

Legal protection for Bitcoin and crypto holder

The British government is convinced that this law is putting the country to the top of an emerging cryptom market. The aim is to protect Bitcoin and other owners of digital assets by the law, according to the announcement.

The recognition of these assets as personal property means that individuals and companies are protected against fraud and dizziness. The judicial system also benefits from this because it can now treat cases that result from disputes about digital property, including divorce procedures.

"Our worldwide leading legal services are an integral part of our economy. They help to advance growth and to keep Great Britain at the center of the international legal sector. It is important that the law keeps pace with the developing technologies, and this legislation will mean that the sector as a worldwide leading provider of crypto-assets can claim and clarify in complex ownership cases," said British Minister of Justice Heidi Alexander.

While British law recognizes "things in possession" such as gold and money or "things in action" such as debt or shares as property, there is no such classification for digital assets.

Since cryptocurrencies fall into neither of the two categories, the new law provides for a third category of "things". Cryptocurrencies are now regarded as assets with personal property rights.