• 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

AlignerZ's Tokenized Vesting Schedules Offer Liquidity and Flexibility

chest

AlignerZ's innovative model allows investors to trade their Tokenized Vesting Schedules (TVS) as NFTs, providing them with liquidity without the need to sell their tokens.

user avatarKenji Takahashi

US Government Accuses Alibaba of Military Support Amid Rising Tensions

chest

The US government has accused Alibaba of aiding China's military by sharing sensitive data, a claim that has been denied by Alibaba and the Chinese government.

user avatarDiego Alvarez

AlignerZ Introduces Revolutionary IWO Model for Long-Term Investors

chest

AlignerZ is changing the landscape of Token Generation Events (TGEs) by prioritizing long-term holders over quick flips with its new Initial Weight Offering (IWO) model.

user avatarMaria Fernandez

Market Reaction to Alibaba's Allegations Remains Steady

chest

Market reaction to allegations against Alibaba remains steady as stock prices stabilize.

user avatarElias Mukuru

Bitcoin Magazine Highlights Historical Erosion of the US Dollar

chest

Bitcoin Magazine discusses the historical erosion of the US dollar, claiming it has lost 97% of its value over the past century, while promoting Bitcoin as a stable alternative.

user avatarGustavo Mendoza

Toncoin TON: Telegram-Powered Ecosystem Driving Global Adoption

chest

Toncoin TON is positioned for explosive growth with its integration into the Telegram ecosystem.

user avatarRajesh Kumar

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.