#DigitalAssetBill 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, non-fungible tokens (NFTs), and other digital holdings. Here's what you need to know about the bill:

*Key Provisions*

- *Third Category of Property*: The bill establishes a third category of personal property, in addition to "things in possession" and "things in action", to include digital assets that don't fit into traditional categories.

- *Legal Protection*: The bill provides legal protection to owners of digital assets, including enforceable action in cases of fraud and theft, rights in disputes, and inclusion in bankruptcy and insolvency procedures.

- *Flexibility*: The bill doesn't restrict the category to digital assets only, allowing the common law to define the boundaries of which assets fall within the new category.

*Progress of the Bill*

- *Introduced in Parliament*: The bill was introduced in the House of Lords on September 11, 2024.

- *Current Stage*: The bill is currently in the House of Lords, with its third reading scheduled for May 8, 2025.

- *Special Public Bill Committee*: A Special Public Bill Committee reviewed the bill in February 2025, and reported it with amendments.

*Implications*

- *Clarity and Certainty*: The bill aims to provide clarity and certainty for owners and stakeholders in the digital asset industry.

- *Attracting Business and Investment*: By recognizing digital assets in law, the UK aims to maintain its position as a global leader in cryptoassets and attract business and investment.

- *Industry-Specific Panel*: The government plans to establish an expert group to provide technical and legal guidance on digital assets.