The proposed legislation will recognize crypto assets, NFTs, and carbon credit quotas as personal property under UK law.

Source: cryptoslate

Translation: Blockchain Knight

The UK Parliament's Law Commission issued the "Property Act" on September 11, legally recognizing digital assets. The proposed legislation will consider crypto assets, NFTs, and carbon credit quotas as personal property under UK law.

This marks the first time in UK history that assets have been explicitly included within the scope of property law in England and Wales.

Justice Secretary Heidi Alexander stated, "Our world-leading legal services are a vital part of our economy, helping to drive economic growth and maintaining the UK's position as a global hub for the legal industry."

UK personal property law covers all non-land property rights, categorizing them as chattels (such as cars) and choses in action (such as debts).

Alexander added, "Keeping the law in step with rapidly evolving technology is crucial, and the new legislation aims to provide clear legal foundations for complex property cases."

Furthermore, the Act also protects owners and companies from fraud and deception, and assists judges in disputed digital property cases.

At the same time, strengthened protection measures are expected to attract new crypto companies to the UK. Rough estimates suggest that this will lead to a £34 billion increase in the size of the local legal services industry.

The statement also emphasizes that UK law governs around £250 billion of global mergers and acquisitions and 40% of corporate arbitration cases, making it crucial to maintain the timeliness of the law to uphold the UK's position.

The Law Commission's report summary acknowledges that under personal property law, digital assets are neither chattels nor choses in action.

The report emphasizes that the Law Commission has introduced a new legal category for crypto assets and other digital items.

This new category is described as "something related to personal property rights," meaning that these assets can be legally owned or transferred, similar to tangible property.

The report also notes that the Law Commission intends to avoid imposing strict boundaries for this new category.

By not imposing rigid restrictions, the law can maintain flexibility and adaptability to cover a wider range of digital assets as technology develops.

The document states, "These are not necessarily digital things, and may also include milk quotas or certain carbon emission quotas. We collectively refer to items belonging to the third category as 'digital objects'."

The Law Commission also recommends creating a multidisciplinary project to develop and implement a legal framework to promote interaction, operation, and enforcement related to crypto assets.

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