#DigitalAssetBill

The #DigitalAssetBill, 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, non-fungible tokens (NFTs), and other digital holdings. 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.

The bill is expected to bring clarity and certainty to the treatment of digital assets under English and Welsh law, making it easier for individuals and businesses to navigate complex cases involving digital holdings ⁴.