The UK's new Labour government is introducing a bill that will ensure that Bitcoin and other digital assets can be considered personal property, boosting legal protection for owners.
The Property (Digital Assets etc) Bill will mean that .digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
The government says this will give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements, for example in divorce cases.
Justice Minister Heidi Alexander says: "It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."