#DigitalAssetBill The UK Property (Digital Assets, etc.) Bill seeks to clarify the legal status of digital assets, specifically recognizing them as a new category of personal property. This bill addresses the growing need to define how digital assets, such as crypto tokens and NFTs, fit into the legal framework, ensuring that they can be owned, inherited, and protected like other types of property.

Key points:

Recognizes a third category of personal property:

The bill clarifies that digital assets can be subject to personal property rights, even if they do not fit traditional definitions such as 'things in possession' or 'things in action'.

Addresses the Law Commission's recommendations:

This legislation stems from the Law Commission's report on digital assets, which recommended a new legal framework to accommodate these assets.