New UK Legislation: Cryptocurrency Included in 'Personal Property' Protection Framework

BlockBeats news, December 3, according to Cointelegraph, the UK has officially passed a bill that classifies digital assets, including cryptocurrencies and stablecoins, as 'property.' Advocates claim this move will provide stronger legal protection for crypto users. On Tuesday, UK House of Lords Speaker John McFall stated that the 'Property (Digital Assets etc) Bill' has received Royal Assent, meaning formal approval from King Charles III, and has officially become law. Freddie New, Policy Lead at Bitcoin Policy UK, expressed on X that the bill "becoming law is a huge step forward for Bitcoin in the UK and a major benefit for everyone holding and using Bitcoin in the country." In the UK, the common law system developed through judicial precedents has previously recognized digital assets as property. However, this bill aims to formally codify this principle into legislation and implement the recommendations proposed by the Law Commission of England and Wales in 2024—namely, to explicitly define crypto assets as a new category of personal property rights to enhance legal clarity.