• 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

DLP Labs Unveils Innovative EV Rewards System on Sui Blockchain

chest

DLP Labs has launched an innovative rewards system for electric vehicle drivers on the Sui blockchain, allowing them to earn rewards for off-peak charging, stabilize the energy grid, and contribute to a greener planet.

user avatarJesper Sørensen

Silver Achieves Record Heights Amidst Market Speculation

chest

Silver's price has risen consistently for 28 days, achieving significant gains of over 37% in less than a month.

user avatarRajesh Kumar

Klarna and Coinbase Partnership Signals Shift in Fintech and Crypto Landscape

chest

The partnership between Klarna and Coinbase marks a significant shift in the fintech and cryptocurrency landscape.

user avatarLucas Weissmann

Klarna's Stablecoin Funding: A Game Changer for Consumers

chest

Klarna's new stablecoin funding option is set to revolutionize the shopping experience for both crypto investors and traditional shoppers.

user avatarEmily Carter

Klarna Partners with Coinbase to Accept Stablecoin Funding

chest

Klarna has partnered with Coinbase to introduce stablecoin funding options for its services.

user avatarFilippo Romano

Bitcoin Price Consolidation: Key Levels to Monitor This Weekend

chest

Bitcoin is currently consolidating between 86,000 and 89,500, defining the immediate range. Key support and resistance levels are identified, with potential for significant movement depending on market conditions.

user avatarMohamed Farouk

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.