#DigitalAssetBill Overview of Digital Asset Bills

UK: Property (Digital Assets etc) Bill

The Property (Digital Assets etc) Bill in the UK clarifies that digital assets-such as crypto-tokens-can be recognized as property, even if they do not fit into traditional categories of personal property in English and Welsh law.

The bill introduces a "third category" of personal property for digital assets, allowing courts to determine the specifics on a case-by-case basis, rather than setting rigid definitions in legislation.

This approach aims to provide legal certainty and flexibility, supporting innovation and protecting individuals and businesses using digital assets.

India: Income Tax Bill 2025 and Digital Assets

The Income Tax Bill 2025 in India does not change the scope or definition of "virtual digital assets." It incorporates amendments proposed in the Finance Bill 2025, including the expanded definition of digital assets for tax and reporting purposes.

Virtual digital assets, including crypto-assets, remain subject to the same tax treatment as before, with the new bill clarifying and consolidating existing provisions.

US: FIT21 and Digital Asset Market Structure Bills

In the US, the Financial Innovation and Technology for the 21st Century Act (FIT21) and similar bills aim to create clear regulatory categories for digital assets.

FIT21 distinguishes between "restricted digital assets" (regulated by the SEC), "digital commodities" (regulated by the CFTC), and "permitted payment stablecoins." It sets out registration, compliance, and disclosure requirements for each category.

The bill also seeks to reduce regulatory overlap, clarify oversight, and establish processes for classifying and reclassifying digital assets, including decentralized finance (DeFi) systems.