UK proposes to classify encrypted assets such as Bitcoin and NFTs as personal property

BlockBeats reported that on September 12th, the UK government proposed a landmark measure in parliament on Wednesday, which aims to clarify the legal status of digital assets (including Bitcoin and other cryptocurrencies, as well as NFTs) and treat them as personal property under UK and Welsh law. Once passed, this bill will create a third category of personal property that goes beyond the current classification of "possession" and "action". This new category will cover certain digital assets and provide them with clear legal recognition and protection. Attorney General Heidi Alexander stated that the law must keep up with the constantly evolving technology, and this legislation means that the industry can maintain its global leading position in the field of encrypted assets and bring clarity to complex property cases.