New Bill Makes Digital Possessions ‘Personal’

The UK government says the new Property (Digital Assets etc) Bill’ will, for the first time in British history, give protection to digital holdings, including cryptocurrency, non-fungible tokens such as digital art, and carbon credits by considering them as “personal property” under the law. 

What’s Been Happening Up Until Now? 

At the moment, UK law doesn’t clearly recognise digital assets (like cryptocurrencies and NFTs) as “personal property”, i.e. they’re not included in the scope of English and Welsh property law. Currently, there are only two categories of property, namely “things in possession” (e.g. gold, money, cars) and “things in action” (e.g. debts, shares).