The UK has passed a bill into law that recognizes digital assets, including cryptocurrencies and stablecoins, as property, with advocates claiming this will better protect crypto users.
The Speaker of the House of Lords, John McFall, announced on Tuesday that the "Property (Digital Assets etc.) Bill" has received Royal Assent, meaning King Charles has officially approved it, and the bill is now law.
Freddie New, the policy lead for the advocacy group Bitcoin Policy UK, stated on X that the bill's becoming law is a significant step for Bitcoin in the UK and for all who hold and use it here.
UK case law (based on judicial rulings) has established that digital assets are considered property, but the bill aims to codify recommendations made by the Law Commission for England and Wales in 2024, clarifying that cryptocurrencies are classified as a new form of movable property.
The advocacy group CryptoUK stated, "UK courts have already recognized digital assets as property, but this has been achieved entirely through case-by-case rulings. Parliament has now enshrined this principle in law."
The organization added, "This provides a clearer legal foundation for digital assets—especially in terms of ownership proof, recovery of stolen assets, and handling in bankruptcy or estate cases."
CryptoUK noted that the bill confirms that "digital or electronic 'things' can be the subject of movable property rights."
UK law categorizes movable property into two types: "possessory things," such as tangible assets like cars; and "rights of action," such as rights to contract performance, which are intangible assets.
The bill clarifies that "things of a digital or electronic nature" are not excluded from the category of movable property rights simply because they are neither "possessory things" nor "rights of action."
The Law Commission, in its 2024 report, argued that digital assets may possess both characteristics and stated that their ambiguous positioning within the property law framework could hinder courts from resolving related disputes.
CryptoUK stated on X that the law brings "greater clarity and protection" to consumers and investors, allowing crypto holders to have "the same confidence and certainty as with other forms of property."
The organization added, "Digital assets can be clearly attributed to ownership, recovered in cases of theft or fraud, and included in bankruptcy and estate proceedings."
The organization also stated that the UK now has a clear legal foundation for the ownership and transfer of crypto, which will "better support the development of new financial products, tokenization of real-world assets, and safer digital markets."
The country's financial regulators reported at the end of last year that about 12% of UK adults own cryptocurrency, up from 10% in their previous survey.
In April, the UK also announced plans for a crypto regulatory framework that will bring crypto businesses under rules similar to those for other financial companies, aiming to advance consumer protection while establishing the country as a global hub for crypto.
Related: Bitcoin (BTC) looks very different in mining 13 years after its first halving in 2025.
Original: “UK Passes Cryptocurrency Property Law, Takes 'Significant Step'”
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