#DigitalAssetBill
The Digital Assets Bill, also known as the Property (Digital Assets etc.) Bill, aims to clarify the legal status of digital assets, such as crypto-tokens and non-fungible tokens, as personal property. Here's the current update.
- *Progress*: The bill has passed its second reading in the House of Lords and has been reviewed by a Special Public Bill Committee. It is now scheduled for its third reading in the House of Lords on May 8, 2025, where members will make final checks to ensure the bill is effective and workable.
- *Purpose*: The bill confirms that certain digital assets can attract property rights, even if they don't fit traditional property categories. This will provide clarity and protection for individuals and businesses dealing with digital assets.
- *Benefits*: The bill's benefits include ¹:
- *Certainty and Protection*: Recognizing digital assets as personal property will provide legal protection and clarity for owners and transactors.
- *Decreased Litigation Costs*: By removing uncertainty around digital assets, the bill aims to reduce litigation costs.
- *Attracting Investment*: The bill will make England and Wales a more attractive jurisdiction for digital asset transactions, aligning with international approaches.
- *Development*: The bill was drafted based on recommendations from the Law Commission, which conducted extensive consultations with industry experts and stakeholders. The government has produced explanatory notes to support the bill's implementation.