The British Parliament is debating legislation that aims to clarify, once and for all, the legal status of %Cryptocurrencies.
A bill is now before Parliament in London, England that seeks to define the legal status of digital assets such as cryptocurrencies, non-fungible tokens (%NFTs), and tokenized real-world assets.
The legislation states that crypto and other digital assets should be treated as personal property under British law.
If adopted by Parliament, the legislation will give the legal profession in the United Kingdom (U.K.) guidelines to follow when settling legal disputes over crypto ownership, such as during a divorce or the breakdown of a business partnership.
The bill also provides legal protections to cryptocurrency owners, whether individuals or companies, who are hit by fraud and other scams perpetrated on digital assets.
The legislation that is now being debated would attach personal property rights to crypto and other digital assets, states the U.K. Justice Ministry.
The British Parliament has been trying for years to define and regulate cryptocurrencies in recognition of their growing popularity and role in financial markets.
Proponents of the legislation argue that defining crypto and digital assets is the critical first step towards regulating and providing legal protections to the asset class.
It is not clear whether the bill that’s now before Parliament will pass an upcoming vote among members of the legislature.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $57,950 U.S., up 31% on the year.
