UK Passes Property (Digital Assets etc) Act Formally Recognizing Crypto as Property
The UK has formally recognized cryptocurrency as property by passing the Property (Digital Assets etc) Act.Summary
The United Kingdom has formally recognized cryptocurrency as property after the Property (Digital Assets etc) Act received Royal Assent on Tuesday, becoming law. This legislation modernizes property law by establishing digital assets, including cryptocurrencies and NFTs, as a third category of property, distinct from 'things in possession' (physical objects) and 'things in action' (debts). Industry associations, like CryptoUK, welcomed the move, stating it provides greater clarity, stronger consumer protection, and ensures digital assets can be clearly owned, recovered in cases of theft or fraud, and included in insolvency and estate processes. While cryptocurrency had been treated as property by courts previously, this act makes the recognition statutory law.
(Source：CoinDesk)