#DigitalAssetBill

The Property (Digital Assets etc.) Bill, introduced in the UK House of Lords on September 11, 2024, aims to clarify the legal status of digital assets like cryptocurrencies and NFTs. It establishes a third category of personal property, beyond traditional "things in possession" and "things in action," to accommodate digital assets. This provides legal certainty, enabling protections against fraud, theft, and disputes, and inclusion in bankruptcy proceedings. The bill, based on the Law Commission’s 2023 recommendations, leaves courts to define specific assets and rights, fostering flexibility. It supports innovation and economic growth by ensuring robust legal frameworks for digital asset ownership and transactions.