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 property. Here's what you need to know:

Key Provisions

- *Third Category of Property*: The bill establishes a third category of personal property, recognizing that digital assets don't fit into traditional categories of property, such as tangible objects or rights-based assets.

- *Clarification on Digital Assets*: The bill confirms that digital assets like crypto-tokens, cryptocurrency, and NFTs can attract property rights, providing more clarity in cases involving digital holdings.

- *No Automatic Property Rights*: The bill doesn't automatically grant property rights to specific digital assets; instead, it provides a framework for determining whether a particular asset qualifies ¹ ².

Progress

- *House of Lords*: The bill has passed the second reading in the House of Lords and is currently awaiting its third reading, scheduled for May 8, 2025.

- *Special Public Bill Committee*: A Special Public Bill Committee took place on February 3, 2025, where the bill was reported with amendments ² ³.

Similar Legislation

- *Australia*: The Digital Assets (Market Regulation) Bill 2023 is a similar proposal in Australia, aiming to regulate digital asset exchanges, custody services, and stablecoin issuance.

- *US*: The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is a proposed law in the US that establishes a regulatory framework for payment stablecoins ⁴ ⁵.