• 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

SpaceX Acquires xAI to Tackle AI Power Challenges

chest

SpaceX has acquired xAI, merging rocket launch services with AI development to tackle the limitations of Earth-based infrastructure.

user avatarDiego Alvarez

Starlink Revenue Expected to Fund xAI's Operations After Merger

chest

Starlink revenue is expected to support xAI's operations after its acquisition by SpaceX.

user avatarKenji Takahashi

BlockDAG Launch Dashboard Set to Go Live on February 2

chest

BlockDAG will launch a new dashboard on February 2, providing users with a fully integrated system for managing their investments and preparing for exchange access.

user avatarMaria Fernandez

Referral Strategies Become Key to Success in ZKP Auction Stage 2

chest

Referral strategies are crucial for success in the ZKP presale auction Stage 2 as token availability tightens.

user avatarRajesh Kumar

Stage 2 of ZKP Presale Auction Heightens Competition with Scarcity

chest

Stage 2 of the ZKP presale auction reduces daily token allocation, intensifying competition and emphasizing referral strategies.

user avatarLuis Flores

SPX6900 and Brett Gain Traction in the Meme Coin Market

chest

SPX6900 and Brett are gaining traction in the meme coin market with increased trading activity and community support.

user avatarGustavo Mendoza

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.