#DigitalAssetBill
The Digital Asset Bill, formally known as 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). Here's what you need to know ¹ ² ³:
- *Key Provisions:*
- *Third Category of Property*: The bill introduces a third category of personal property, allowing digital assets to attract property rights.
- *Increased Legal Protection*: Owners of digital assets will benefit from greater legal protection against fraud and scams.
- *Clearer Dispute Resolution*: The bill provides clarity on complex cases involving digital holdings, such as settlements and divorces.
- *Progress:*
- *Introduced in Parliament*: The bill was introduced in the House of Lords on September 11, 2024.
- *Second Reading*: The bill passed its second reading in the House of Lords on November 13, 2024.
- *Committee Stage*: A Special Public Bill Committee reviewed the bill on February 3, 2025.
- *Third Reading*: The bill is scheduled for its third reading in the House of Lords on May 8, 2025.
- *Impact:*
- *Global Leadership*: The bill aims to maintain the UK's position as a global leader in the crypto industry.
- *Economic Benefits*: Clarifying digital asset laws can attract more business and investment to the UK's £34 billion legal services industry.
- *Protection for Owners*: The bill provides legal protection for owners and companies against interference with their digital assets ¹.