LONDON (dpa-AFX) - A new draft law that ensures owners of cryptocurrency greater legal protection has been introduced in the British Parliament.
Bitcoin and other digital assets can be considered personal property under The Property (Digital Assets etc) Bill, presented Wednesday.
For the first time, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the new law.
The Bill, which clarifies crypto's legal status, makes Britain one of the first countries to recognize these assets in law.
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 will also 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, such as in divorce cases.
Justice Minister Heidi Alexander said 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.
'It is estimated that English law governs £250 billion ($326 billion) of global mergers and acquisitions, and 40 per cent of global corporate arbitration, so keeping the law up to date is vital to ensuring that the UK remains the law of choice internationally', the Ministry of Justice said in a press release.
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