#DigitalAssetBill

It’s here to remove uncertainty around digital assets not fitting into traditional categories of personal property, such as things in possession or things in action.

It confirms that digital assets, including crypto-tokens and non-fungible tokens (NFTs), can be recognized as personal property and can attract property rights.

However, the bill does not specify which digital assets fall into this third category or how they will be treated legally; these details will be developed by the courts on a case-by-case basis.

The bill is a response to recommendations from the Law Commission for England and Wales, which investigated barriers to the legal recognition of digital assets and suggested statutory confirmation of their property status.

It is designed to provide greater legal clarity and certainty for individuals and businesses dealing with digital assets, thereby boosting confidence in the UK's regulatory environment for these assets