British Government Introduces Bill to Recognize Crypto as Personal Property

A government announcement revealed that the British Parliament has received a proposal to recognize digital assets as personal property within the laws of England.

The proposed bill would establish a legal status for blockchain-based assets, including non-fungible tokens, tokenized real-world assets, and virtual currencies.

According to Justice Minister Heidi Alexander, the legislation would create a new property category known as “things in possession.”

This category would provide protection for crypto owners from fraudulent activities and scams. The bill would also simplify ownership disputes in the country, such as those arising in cases of divorce, for both individual and institutional owners.

This marks one of the first moves in the Labour government led by Prime Minister Keir Starmer to address crypto-related matters.