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New UK Legislation: Cryptocurrency Included in "Personal Property" Protection System
On December 3, according to Cointelegraph, the UK has officially passed a bill recognizing digital assets, including cryptocurrencies and stablecoins, as “property.” Advocates say this move will provide stronger legal protection for crypto users. On Tuesday, John McFall, Speaker of the UK House of Lords, announced that the “Property (Digital Assets etc) Bill” had received Royal Assent, meaning it has been formally approved by King Charles III and has officially become law. Freddie New, Policy Lead at the Bitcoin policy advocacy group Bitcoin Policy UK, stated on X that the bill “becoming law is a huge step forward for Bitcoin in the UK and a major benefit for everyone who holds and uses Bitcoin in the UK.” In the UK, the common law system, developed through judicial precedent, had already regarded digital assets as property, but the bill aims to formally codify this principle and implement the recommendations made by the Law Commission of England and Wales in 2024—which is to explicitly define crypto assets as a new category of personal property rights to enhance legal clarity.