UK Passes Property (Digital Assets etc) Act Formally Recognizing Crypto as Property
The U.K. now formally recognizes cryptocurrency as property following the passing of a new law this week.
The Property (Digital Assets etc) Act received Royal Assent, the final step of an act becoming law after being passed by Parliament.
The act, approved by King Charles on Tuesday, was designed to modernize property law to take account of digital assets. Previously, property fell into one of two categories: things in possession, such as physical objects, and things in action, such as a debt.
The law establishes a third category that includes digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
Crypto industry associations welcomed the law, hailing it as an important step in the legal recognition of digital assets and…
