UK submits new bill to Parliament to legalize crypto assets

On the 11th, the UK government introduced a bill to Parliament regarding the legal status of cryptocurrencies and digital assets. This will be the first time that cryptocurrencies, non-fungible tokens (NFTs), and tokenized assets will be allowed in the UK.
Digital assets, like real estate assets (RWA), will now be considered personal property under the law. Until now, digital assets have not been expressly included in property law in England and Wales.
This left owners in a legal grey area if their assets were compromised. The proposed new bill would provide individuals and companies who hold digital assets with protection against fraud and other crimes.
It provides legal protection and serves as guidelines for lawyers to follow in the event of a dispute over ownership of digital assets, such as in a divorce.
Minister for Justice Heidi Alexander said: "The UK legal services industry is world-leading and a vital part of the UK economy.
"It also promotes economic growth and places the UK at the centre of the international legal industry," he said. "This legislation will ensure the UK legal industry maintains its position as a global leader in crypto assets.
"This will bring clarity to complex property litigation," he said. Currently, in the UK, property is defined as things in possession.
possession: money, money, cars, etc.) and things in
The bill is intended to allow personal property rights to be applied to certain digital assets.
This will introduce a third category. In the UK, the government was replaced by the Labour Party in the July election, and Prime Minister Richie, who had been actively promoting policies to promote crypto assets, resigned. Keir Starmer
Starmer has not made his stance on cryptocurrencies clear, and the direction of his policy has been closely watched, but this bill shows that the UK remains positive about cryptocurrencies.
As of January, the ruling Labour Party released a document stating that it “aims to make the UK a global leader in tokenization.”
Although there is no mention of cryptocurrencies such as Bitcoin, there is a discussion of securities tokenization and
The Labor Party is referring to central bank digital currencies (CBDCs). Through asset tokenization, it aims to increase liquidity, provide access to new asset classes and fractional assets, and strengthen risk management.
He also mentioned plans to test the impact of the technology by issuing a test set of tokenized government bonds.