#DigitalAssetBill

The Property (Digital Assets etc.) Bill, introduced in the UK Parliament in September 2024, recognizes digital assets like cryptocurrencies and NFTs as personal property under English and Welsh law. Stemming from the Law Commission's 2023 recommendations, it establishes a "third category" of personal property, distinct from traditional "things in possession" and "things in action." This clarifies legal protections for owners, enhancing certainty for businesses and individuals transacting with digital assets. By aligning with recent court rulings, the bill supports common law development, fosters innovation, and positions the UK as a leader in digital asset regulation.