New UK legislation includes cryptocurrency in the personal property protection system

ChainCatcher reported that the UK has officially passed a bill recognizing digital assets, including cryptocurrencies and stablecoins, as "property." Advocates say this move will provide stronger legal protection for crypto users.

On Tuesday, John McFall, Speaker of the House of Lords, announced that the Property (Digital Assets etc) Bill had received Royal Assent, meaning it has been formally approved by King Charles III and has officially become law. Freddie New, Policy Lead at the Bitcoin Policy UK initiative, stated on X that the bill "becoming law is a huge step forward for bitcoin development in the UK and a major benefit for everyone holding and using bitcoin in the country." In the UK, the common law system, developed through judicial precedent, had previously recognized digital assets as property. However, this bill aims to formally codify that principle into statute and implement the recommendations made by the Law Commission of England and Wales in 2024—namely, to explicitly define crypto assets as a new category of personal property rights to enhance legal clarity.

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