• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

New UK Legislation Recognizes Cryptocurrency as Personal Property

user avatar

by Giorgi Kostiuk

a year ago

  1. New Classification of Digital Assets
  2. Legislative Support for Digital Assets
  3. Prospects and Reactions


    4. On September 11, the UK government introduced a new bill recognizing digital assets, including cryptocurrency and NFTs, as personal property.

    New Classification of Digital Assets

    Previously, digital assets were not definitively included under British property law, leaving owners in a legal grey area. The new law recognizes cryptocurrency, NFTs, and other digital assets as personal property.

    Legislative Support for Digital Assets

    The law will provide legal protection to digital asset owners and companies against fraud and scams. It will also help courts deal with complex cases where digital assets are disputed or part of settlements, such as divorce cases.

    Tech-savvy owners of digital assets will benefit from greater legal protection thanks to an important clarification to the law.UK Ministry of Justice

    Prospects and Reactions

    Some users expressed concerns that the new bill will give the government more powers to tax or seize digital assets. The recently elected government has announced plans to increase taxes. However, some researchers suggest new stablecoin laws will be established in the UK by the end of 2024.

    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.Heidi Alexander, UK Justice Minister

    The new UK bill promises significant changes in the legal status of digital assets, potentially attracting more business and investment to the country's legal services sector.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Lighter Unveils Direct Distribution Strategy for LIT Tokens

chest

Lighter has initiated a direct distribution of LIT tokens into users' wallets without the need for claims, aiming to enhance market liquidity and user engagement.

user avatarDavid Robinson

LIT Token Value Experiences Volatility Following Airdrop Announcement

chest

The value of LIT tokens has experienced significant fluctuations following the announcement of direct distribution, indicating a potential shift in airdrop strategies.

user avatarMaria Gutierrez

No Evidence Found Linking Iranian Protests to Bitcoin

chest

Investigations reveal no primary sources linking Bitwise or Bitcoin to the Iranian protests over currency collapse.

user avatarSatoshi Nakamura

Market Analysts Discuss Impact of Binance's Delisting Strategy

chest

Industry analysts provide insights on the implications of Binance's delisting of margin pairs.

user avatarAndrew Smith

Binance Advises Traders to Close Positions Before Delisting Deadline

chest

Binance advises traders to close positions and transfer assets before the January 6, 2025 deadline to prevent unnecessary liquidations.

user avatarZainab Kamara

Binance Delists 14 Margin Trading Pairs Including BCHFDUSD

chest

Binance announces the delisting of 14 margin trading pairs, including BCHFDUSD, effective January 6, 2025, impacting thousands of traders globally.

user avatarJacob Williams

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.