Regulation
UK decides to classify cryptocurrencies as property
The UK Law Commission has proposed a bill that would officially classify cryptocurrencies as a separate category of personal property, providing greater legal certainty for digital assets.
The bill, if passed, would allow for better enforcement of property rights in crypto-related legal disputes.
The proposal aims to take into account the unique characteristics of digital assets, such as crypto tokens and crypto assets, within the common law system of England and Wales by recognizing them as a third category of property .
The Law Commission suggests that courts may need help from an industry panel to navigate the technical complexities of emerging technologies and recommends the creation of a multidisciplinary team to help market participants protect their assets.
The move is part of the UK’s efforts to advance crypto regulation and attract technology development, positioning England and Wales as a global financial hub for assets digital.
The UK has already seen several crypto companies register in the region, and the Financial Services and Markets Bill, which received royal assent last year, has laid the foundations for further regulatory developments.