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On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.
The bill addresses the unique nature of digital assets, which do not fit within the traditional property classifications of “things in possession” or “things in action.” By allowing digital assets to be classified as property through established legal tests, the bill empowers courts to grant property rights on a case-by-case basis. This approach aligns with international standards, placing the UK among jurisdictions such as the United States and Singapore in offering a structured yet adaptable legal environment for digital assets.
A recent case involving Blockchain.com, a £5bn London-headquartered cryptocurrency firm, has underscored the need for regulatory clarity. The Telegraph reported that senior executives at Blockchain.com are currently facing prosecution for delayed account filings, highlighting the demand for transparent regulatory standards in the sector.
