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UK: new law to regulate crypto and NFT ownership
By Davide Grammatica
The UK has decided to bring clarity to the ownership of digital assets (crypto, NFT and related assets) with a new bill
Evolving crypto regulation in UK
A new bill on personal property in the United Kingdom was an opportunity to bring legal clarity even with respect to digital assets, now better integrated under UK law.
The initiative would fill previously problematic “legal gaps” for crypto and NFT, making the UK at the forefront of regulation in the sector. Until now, in fact, jurisdiction relied on directives related to English real estate law, which perforce had become problematic in the event of legal disputes.
Under the new law, assets would now be protected against fraud and scams, protecting investors (whether individual users or companies), and also making it easier for judges to resolve legal disputes involving digital assets.
A crypto-friendly regulatory framework?
“It is essential that the law keeps pace with evolving technologies, and this legislation will help the industry grow by bringing clarity to the most complex property cases,” Justice Minister Heidi Alexander said on the matter.
The need for such a law stems from the finding that, to date, there would be some 23.84 million crypto asset holders in the United Kingdom. But fostering a more secure and legally sound environment would benefit the state itself, which is now poised to attract more business and industry investment.
Digital assets would then be treated as actual personal property under the designation “third category things,” which in turn includes other “intangible” assets such as carbon allowances.
