#DigitalAssetBill
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#DigitalAssetBill
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The Property (Digital Assets etc) Bill is a proposed UK law aimed at clarifying the legal status of digital assets, including cryptocurrencies and non-fungible tokens (NFTs), as a distinct form of personal property.
Purpose
The bill introduces a third category of personal property, distinct from traditional tangible assets and rights-based assets, to encompass digital assets.
Key Provisions
Recognition of Digital Assets as Property: Confirms that digital assets can be owned and are eligible for legal protection as property.
Inclusion of Crypto-Assets and NFTs: Specifically identifies crypto-tokens, cryptocurrencies, and NFTs as examples of digital property.
Technical and Legal Guidance: The UK Jurisdiction Taskforce (UKJT) will issue guidance on complex legal and technical aspects of digital assets.
Legislative Progress
Introduction: The bill was introduced in the House of Lords on September 11, 2024.
Scrutiny and Amendments: It has passed key stages including the second reading and committee stage, with proposed amendments focused on defining digital assets and establishing codes of practice.
Upcoming: The third reading is scheduled for May 8, 2025.
Impact
Legal Clarity: Offers much-needed
