New UK Legislation: Cryptocurrencies Included in "Personal Property" Protection System

According to Cointelegraph, the UK has officially passed a bill that recognizes digital assets, including cryptocurrencies and stablecoins, as "property." Advocates say this move will provide stronger legal protections for crypto users.

John McFall, the Speaker of the House of Lords, stated on Tuesday that the Property (Digital Assets etc) Bill has received Royal Assent, which is the formal approval from King Charles III, and has officially become law. Freddie New, the policy director of the Bitcoin Policy UK organization, stated on X that the bill "becoming law is a huge step forward for Bitcoin's development in the UK and is a significant positive for everyone holding and using Bitcoin in the UK."

In the UK, the common law system, developed through judicial precedents, had previously recognized digital assets as property. However, this bill aims to formally enshrine this principle into legislation and implement the recommendations made by the Law Commission for England and Wales in 2024—specifically, to clearly define crypto assets as a new category of personal property rights to enhance legal clarity.