$BTC #DigitalAssetBill
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The Property (Digital Assets etc) Bill is a proposed law in the UK that aims to clarify the legal status of digital assets, such as cryptocurrencies and non-fungible tokens (NFTs), as personal property. Here's what you need to know :
Purpose : The bill seeks to establish a third category of personal property, beyond traditional tangible objects and rights-based assets, to accommodate digital assets.
Key Provisions:
Digital Assets as Property : Clarifies that digital assets can be considered property, attracting property rights and protections under the law.
Crypto-Assets and NFTs : Specifically mentions crypto-tokens, crypto-currency, and NFTs as examples of digital assets that could fall under this new category.
Guidance on Technical and Legal Issues : The UK Jurisdiction Taskforce (UKJT) will provide guidance on technical and legal issues related to digital assets.
Progress of the Bill :
Introduced in the House of Lords : The bill was introduced on September 11, 2024, and has undergone several stages, including second reading and committee stage.
Report Stage : Members of the House of Lords have scrutinized the bill and proposed amendments on subjects like recognizing digital assets as property and codes of practice.
Next Steps : The bill is scheduled for its third reading on May 8, 2025.
Impact :
Clarity and Certainty : The bill aims to provide clarity and greater legal certainty regarding the treatment of digital assets.
Equitable Remedies : Recent case law, such as D'Aloia v Persons Unknown, has affirmed that equitable principles apply to digital assets, and victims of fraud may be able to pursue claims.
- *Compliance with AML Regulations*: The case also highlights the importance of compliance with anti-money laundering (AML) policies and procedures for digital asset platforms and financial institutions.
