TLDR
- The UK has passed a new law that officially recognizes digital assets as legal property.
- The UK crypto bill received royal assent and is now part of national law.
- Digital assets such as cryptocurrencies and stablecoins now have clear legal ownership rights.
- The law ensures digital assets are protected in insolvency and estate processes.
- The bill aligns UK regulations with recent legal actions taken by the United States.
The UK government has officially classified digital assets as property under national law. The UK crypto bill received royal assent and is now law. It confirms legal ownership rights over cryptocurrencies, stablecoins, and other digital assets.
UK Crypto Bill Becomes Law After Royal Assent
Parliament passed the Property (Digital Assets etc) Act after extended debate and legal uncertainty. The UK crypto bill gained approval in both Houses. King Charles confirmed the law by royal assent.
Courts previously relied on rulings to settle digital asset disputes. Now, ownership rights are clearly stated in law. This change creates consistent protections for asset holders.
The UK crypto bill aligns the nation with recent U.S. legal steps. It brings digital property into the statutory framework. Experts say this will increase legal clarity.
Legal Ownership Now Applies to Digital Tokens
The law applies existing property rules to digital assets. This includes treatment in insolvency and estate matters. Crypto owners now receive similar legal protection as holders of traditional assets.
Freddie New from Bitcoin Policy UK said the law offers “certainty for everyday users of crypto in the UK.” His group supported this change for several years.
Previously, courts handled such matters case by case. The new law eliminates uncertainty during legal disputes. Asset holders can now refer to written law.
Parliament Acts After Criticism Over Delays
Critics said the UK was slow compared to the U.S. and EU. The UK crypto bill responds to those concerns. It gives the financial sector new legal tools.
Analysts at OMFIF warned the UK risked losing crypto market share. Lawmakers have since focused on regulatory clarity. The new law directly addresses these concerns.
CryptoUK welcomed the development. They called it a “step forward” for consumer protection. They believe stolen crypto may now be easier to recover.
UK and US Deepen Regulatory Coordination
UK and U.S. regulators held talks on shared crypto goals. Both sides formed the “Taskforce for Markets of the Future.” This was announced in September.
Officials discussed stronger cross-border alignment on digital asset rules. The UK crypto bill reflects that coordination. It sets a foundation for future joint policies.
Companies such as Coinbase and Ripple responded positively. They said the UK is moving in the right direction. Their executives called it a useful opportunity.
The government is reviewing crypto donations in political campaigns. A new Elections Bill could ban them altogether. This effort aims to improve transparency.
The policy applies to all political parties. Officials say this will maintain public confidence. The debate is ongoing in Parliament.
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