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FollowingThe UK has passed a bill to treat digital assets such as cryptocurrencies and stablecoins as property, which supporters say will better protect cryptocurrency users.
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House of Lords Speaker John McFall told the House of Lords on Tuesday that the Property (Digital Assets, etc.) Bill has received Royal Assent, which means King Charles has formally approved the bill and it is now law.
Freddie New, policy director atadvocacy group Bitcoin Policy UK, said on X that the bill \"becoming law is a big step forward for Bitcoin in the UK and for everyone who holds and uses Bitcoin in the UK.\"
![](\"/d/file/20260630/7e247e54ba0144c0bcb720a3a62a6c49.png\")
Source: Freddie New
British common law has established that digital assets are property based on judges \'decisions, but the bill seeks to codify a recommendation made by the Law Committee for England and Wales in 2024 that cryptocurrencies should be classified as a new form of personal property for clarity.
\"British courts have previously treated digital assets as property, but this has been achieved through individual decisions,\" said advocacy group CryptoUK. \"Parliament has now written this principle into law.\"
\"This provides a clearer legal basis for digital assets-especially in proving ownership, recovering stolen assets, and disposing of those assets in bankruptcy or inheritance cases,\" the report added.
Digital \"items\" are now considered personal property
CryptoUK said the bill recognizes that \"digital or electronic \'objects\' can be the subject of personal property rights.\"
British law divides personal property into two categories: \"possession\", which is tangible property such as a car; and \"subject matter of action\", which is intangible property such as the right to enforce a contract.
The bill clearly states that \"things that are essentially digital or electronic\" are not excluded from the scope of personal property rights because they are neither \"possession\" nor \"action.\"
In its 2024 report, the Legal Committee noted that digital assets can have both characteristics and stated that their unclear compatibility with property rights law may hinder dispute resolution in court.
Changes bring \"clearer awareness\" to cryptocurrency users
CryptoUK said on X that the law provides \"greater clarity and protection to consumers and investors\" and gives cryptocurrency holders \"the same confidence and certainty as other forms of property.\"
\"Ownership of digital assets can be clearly defined, recovered in the event of theft or fraud, and can be included in bankruptcy and inheritance proceedings,\" the report added.
The group added that the UK now has a \"clear legal basis for the ownership and transfer of cryptocurrencies\" and that the country is now \"better positioned to support the growth of new financial products, tokenized real-world assets and safer digital markets.\"
The country\'s Monetary Authority reported late last year that about 12% of British adults own cryptocurrencies, up from 10% in previous surveys.
The UK also announced plans for a cryptocurrency regulatory regime in April, which will allow cryptocurrency companies to apply similar rules to other financial companies, aiming to make the UK a global cryptocurrency center while promoting consumer protection.
