New legislation in the UK incorporates cryptocurrencies into the personal property protection system

The UK has officially passed a bill that classifies digital assets, including cryptocurrencies and stablecoins, as "property," with advocates stating that this move will provide stronger legal protections for crypto users.

John McFall, the Speaker of the House of Lords, stated on Tuesday that the Property (Digital Assets etc) Bill has received Royal Assent, which is the formal approval of King Charles III, and has officially become law. Freddie New, the policy director of the Bitcoin Policy UK organization, stated on X that the bill "becoming law is a huge step forward for Bitcoin's development in the UK and is a significant benefit for everyone holding and using Bitcoin in the UK." In the UK, the common law system, developed through judicial precedents, had previously recognized digital assets as property, but the bill aims to formally enshrine this principle in legislation and implement the recommendations made by the Law Commission for England and Wales in 2024—specifically, to clearly define crypto assets as a new category of personal property rights to enhance legal clarity.