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U.K. authorities plan to clarify how to classify cryptocurrencies under a new bill.<\/p>\n
According to an official government notice, the British Parliament received<\/a> a proposal to recognize digital assets as personal property under English law. The proposed bill would assign legal status to blockchain-powered holdings, including non-fungible tokens, tokenized real-world assets, and virtual currencies.<\/p>\n Justice Minister Heidi Alexander explained that the legislation introduces a new property category called \u201cthings in possession.\u201d<\/p>\n Enshrined in this legal class are protections for crypto owners against bad actors and scammers. Both individual owners and institutions would be shielded from fraudulent practices, Minister Alexander said in a Sept. 11 statement. The lawmaker added that the bill would also simplify ownership disputes in cases such as divorce.<\/p>\n The Property Bill marks one of the first crypto-related moves enacted by the Labour government led by Prime Minister Keir Starmer. It follows a consultation paper published by the Law Commission in February.<\/p>\n Law Commission experts recommended including digital assets under property law, particularly cryptocurrencies like Bitcoin (BTC<\/a>). The concept may advance former prime minister Rishi Sunaks vision of transforming the U.K. into a global crypto innovation hub.<\/p>\n Elsewhere, crypto businesses struggled to meet requirements established by the Financial Conduct Authority. An annual report<\/a> noted that 90% of digital asset applicants failed to match the FCA\u2019s standards and only four of 35 entities qualified.<\/p>\n<\/div>\nUK advances on crypto property bill\u00a0<\/h2>\n