Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
UK Proposes Bill to Recognize Crypto as Personal Property
Crypto Regulation | Release | Sep 13, 2024
Image: Freepik/rawpixel.com
UK Parliament Introduces Bill to Recognize Bitcoin as Personal Property
A new bill called The Property (Digital Assets etc.) Bill was tabled in the UK to recognize Bitcoin, NFTs, and other digital assets as personal property under English and Welsh law. If approved, the bill will provide digital assets legal clarity and provide more legal protection against fraud, theft, and disputes. It will also help judges weigh complex situations involving digital assets like divorce settlements.
Justice Minister Heidi Alexander said:
"It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."
Strengthening Legal Protections and UK's Global Competitiveness
In the UK today, digital assets are in a legal gray area making it challenging for owners to prosecute fraudulent claims or theft. One of the main goals of the Property (Digital Assets etc.) Bill is to improve safeguards for crypto owners, offering the same legal rights to traditional property holders, which was one of the UK Law Commission's recommendations, the need for a clear legal handling of digital assets.
The bill's legal framework would also establish clearer guidelines for resolving digital asset disputes. For example, in a divorce proceeding where digital possessions like as Bitcoin are frequently divided, the new legal categorization will make it easier for judges to identify asset ownership and distribution. This will provide more confidence in cases involving digital assets and streamline the legal process.
See: The Complexities of Auditing Digital Assets
The UK hopes to draw more companies and investors to its digital asset industry by being one of the first countries to offer explicit legal status for digital assets. The government views this bill as a way for the country to maintain its competitive edge in the international financial and technology markets.
Conclusion
Lawmakers around the world should take notice of the UK's Property (Digital Assets etc.) Bill. It's passing would provide stronger legal protections, and clearer dispute resolution outcomes that may serve as an example for other countries looking to add clarity and confidence.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Start-up JIKO co-founded by ex-Goldman trader is first fintech to complete takeover of a national bank- Revitalizing Canada’s Innovation Through Procurement Reform
- Answered: 5 questions about forging a career in fintech
- OSC Notice 11-768 – Statement of Priorities for Fiscal Year End March 2014 – Request for Comment
- Canada’s Venture Capital Action Plan: A Step Closer to Helping Innovators Grow and Create Jobs
- Bill C-365: Paving the Way for Open Banking in Canada?
Leave a Reply