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The United Kingdom has officially recognized cryptocurrencies as personal property under law, marking a watershed moment for digital asset holders across the nation. The Property (Digital Assets etc) Bill received royal assent this week, with King Charles formally approving the legislation that extends the same legal protections to Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and other digital assets as traditional forms of property.
This groundbreaking legislation addresses a legal gray area that has persisted for years. While UK courts had previously treated digital assets as property through individual case judgments, Parliament has now codified this principle into statute, providing unprecedented clarity for the nation’s growing community of crypto holders.
The legislation creates a third category of personal property under UK law, joining the existing classifications of physical possessions and legal rights. Previously, UK property law recognized only two types: tangible items like cars or real estate and intangible rights such as debts or contracts. Digital assets did not fit neatly into either category, creating uncertainty around ownership claims and legal remedies.
According to advocacy group CryptoUK, the new framework delivers significant practical benefits for crypto holders. Digital assets can now be clearly owned, recovered in theft cases, and included within insolvency and estate processes. This means Bitcoin held in a wallet can be treated similarly to money in a bank account when dealing with inheritance, bankruptcy proceedings, or asset recovery.
The timing could not be more strategic. With approximately 12% of UK adults now owning cryptocurrency according to the Financial Conduct Authority, the legislation arrives as digital asset adoption accelerates nationwide. This figure has tripled since 2021, reflecting growing mainstream interest in crypto investments.
Bitcoin Policy UK’s policy chief Freddie New called the law “a massive step forward for Bitcoin in the United Kingdom and for everyone who holds and uses it here.” The organization emphasized that the legislation positions the UK as one of the first major economies to provide such comprehensive legal recognition for digital assets.
The law’s passage aligns with broader governmental efforts to establish London as a global crypto hub. Earlier this year, UK Chancellor Rachel Reeves announced plans for a comprehensive regulatory framework that would bring crypto businesses under similar rules as traditional financial companies while promoting innovation and consumer protections.
One of the most significant practical applications involves asset recovery. Under the new law, victims of crypto theft now have clearer legal standing to pursue stolen funds through the court system. Previously, the ambiguous legal status of digital assets complicated enforcement actions and made recovery efforts more challenging.
The legislation also clarifies how cryptocurrencies are handled in inheritance cases. Digital wallets can now be formally included in estate planning, and executors have a clearer legal framework for transferring crypto assets to beneficiaries. This addresses a growing concern as more individuals accumulate substantial crypto holdings without clear succession plans.
Legal experts suggest this legislation could influence how other jurisdictions approach crypto regulation. By creating a flexible framework that does not attempt to define every type of digital asset, the UK has adopted an approach that can adapt as technology evolves. The law deliberately leaves courts to develop boundaries on a case-by-case basis, allowing the legal system to respond dynamically to new innovations.
CryptoUK noted that the legislation gives crypto holders “the same confidence and certainty they expect with other forms of property,” positioning the UK to “support the growth of new financial products, tokenized real world assets, and more secure digital markets.”
As institutional adoption of cryptocurrencies continues to accelerate globally, the UK’s decisive legal framework may prove instrumental in attracting crypto businesses and investment to British shores. The law represents more than just regulatory clarity. It is a formal acknowledgment that digital assets have earned their place in the modern financial system, deserving the same legal protections as any other form of valuable property.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
