#DigitalAssetBill

Overview of Digital Asset Bills

Recent legislative efforts in both the UK and the US are seeking to clarify and modernize the legal and regulatory treatment of digital assets, such as cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-based assets. The main objectives are to provide legal certainty, protect owners and businesses, and ensure that laws keep pace with technological advancements.

United Kingdom: Property (Digital Assets etc.) Bill

Purpose and Scope

The Property (Digital Assets etc.) Bill was introduced to the UK Parliament on 11 September 2024 and is currently undergoing scrutiny in the House of Lords, with its third reading scheduled for 8 May 2025.

The bill clarifies that certain digital assets-such as crypto-tokens, NFTs, and other digital files-can be recognized as property under English and Welsh law, even if they do not fit into the two traditional categories of personal property: "things in possession" (tangible items) and "things in action" (intangible rights enforceable by action).

The bill does not specify which digital assets qualify as property; instead, it leaves the determination to courts, allowing for flexibility as technology evolves.