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United Kingdom New Legislation: Cryptocurrency Included in 'Personal Property' Protection Framework
BlockBeats News, December 3rd, according to Cointelegraph report, the UK has formally passed a bill that recognizes digital assets, including cryptocurrency and stablecoins, as "property," with advocates stating that this will provide stronger legal protection for crypto users.
Lord John McFall, the Lord Speaker of the UK House of Lords, stated on Tuesday 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 the Bitcoin Policy UK organization, expressed on Twitter that the bill becoming law is a "huge step forward for Bitcoin in the UK, a big win for everyone holding and using Bitcoin in the UK."
In the UK, the common law system, developed through judicial precedent, had previously recognized digital assets as property, but this bill aims to formally codify this principle and implement recommendations put forth by the Law Commission of England and Wales in 2024—for example, clearly defining crypto assets as a new form of personal property rights to enhance legal clarity.
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