UK recognizes digital assets as personal property

The UK government has introduced the "Property Bill," which stipulates that cryptocurrencies and non-fungible tokens (NFTs) will be recognized as personal property under existing law.

The adopted document will provide legal protection for digital asset owners. Previously, electronic funds were not covered by British property law, leaving investors in legal uncertainty in case of interference with their funds.

Fraud protection and new legal opportunities

Additionally, the bill aims to protect cryptocurrency owners from fraud and other forms of scams. This will simplify the handling of complex legal cases where electronic funds may be the subject of disputes, such as in divorces or other property issues.

Comment from the UK Justice Minister

Heidi Alexander emphasized the importance of legal adaptation to new technologies. According to her, the new legislation will help the country maintain its leading position in the cryptocurrency sector and facilitate the resolution of complex property cases related to digital assets.