#DigitalAssetBill

This brief legislative proposal clarifies that certain digital assets, such as cryptocurrency tokens, can be considered property, even if they do not fall within the traditional categories of personal property under English and Welsh law.

This will help provide certainty and protection for individuals and businesses owning and dealing with these assets.

What does the bill do?

The bill asserts that certain digital assets - such as cryptocurrency tokens - can attract property rights even if they do not fall within the traditional categories of personal property under English and Welsh law (please see details in the policy context section below).

In doing so, the bill responds to technological developments, ensuring that individuals and businesses utilizing these assets receive appropriate legal protection. This will yield practical benefits for these individuals and businesses (detailed below).

This bill intentionally does not specify the digital assets that fall under the "third category" of personal property rights, or how the law will treat them. Instead, the courts will determine these details, as they can handle each case individually. This is preferable to imposing rigid rules in legislation, which may limit its ability to respond flexibly to new circumstances and technological developments.$BNB