The UK government has introduced a bill to Parliament seeking to formally define crypto assets, including non-fungible tokens (NFTs) and real-world assets, as property.

Previously, digital belongings were not definitively included in the scope of English and Welsh property law, leaving owners in a legal grey area if their assets were interfered with.

The new law, if passed, would introduce a third kind of property 'to allow for certain digital assets to attract personal property rights'.

The ministry notes the bill was written in response to the Law Commission's 2023 report that found digital assets are neither 'things in possession' nor 'things in action', though should nevertheless be treated as property.

The move is part of the UK's effort to maintain its 'pole position in the emerging global crypto race' and attract more businesses and investments, as the country's digital asset sector brings in £34 billion a year to the economy.

Source: https://www.theblock.co/post/315937/uk-government-looks-to-formally-define-crypto-assets-as-new-form-of-property

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