The United Kingdom has introduced a draft law (Digital Assets) stating that digital assets can be considered as valuable property and personal ownership under the laws of England and Wales. This means that for the first time in British history, digital assets, including cryptocurrencies, digital art, and others, can be recognized as personal property under the law. Consequently, these assets will receive the same legal protection as traditional money.
The purpose of the law is to clarify the legal definition of digital assets such as cryptocurrencies.
The draft law, consisting of a single paragraph, states that "a thing" can be the subject of personal ownership and does not lose that description merely because it is not "a thing in possession" or "a thing in action," which are the traditional concepts of personal property in Anglo-Saxon law. Accordingly, cryptocurrency can form a legal basis for claims in cases of theft or fraud and can also be included in bankruptcy proceedings as part of the debtor's assets.
If the law is enacted, the United Kingdom will become one of the first countries in the world to recognize digital assets as personal property, which will enhance the fintech sector in the country and open the door in the future for litigation in the field of cryptocurrencies.
Do we need a legislative amendment in the UAE to include digital assets within the concept of ownership?
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