In the UK, a new bill has been presented in Parliament that clarifies the legal status of crypto and their regulation.
Regulation in UK: crypto as personal property according to the new law
According to what reported, it seems that in the United Kingdom significant steps are being made regarding crypto regulation.
In fact, a new bill has been presented in Parliament that aims to clarify the status of crypto, providing greater legal protection to the owners of digital assets.
Specifically, the proposal considers crypto as personal property. It should be noted that with “crypto”, all digital assets are meant, including Bitcoin, cryptocurrencies, tokens, and NFTs of digital art or carbon credits.
For the new law, and for the first time in the history of the United Kingdom, all these assets will be considered as personal property.
UK and regulation: a law to provide greater legal protection to crypto holders
The new UK crypto bill will also ensure that the country can maintain a leading position in the global race for cryptocurrencies.
This is because if the Parliament were to approve it, it would make this country one of the first to recognize and define these assets by law.
In fact, this move would take the United Kingdom out of a gray area of crypto regulation, and would give more legal protection to crypto holders.
In this regard, Heidi Alexander, the Minister of Justice commented as follows:
“Our legal services, world-leading, constitute a vital part of our economy, contributing to promoting growth and keeping Great Britain at the center of the international legal industry. It is essential that the law keeps pace with the evolution of technologies and this legislation will enable the sector to maintain its position as a world leader in the cryptoasset sector and to provide clarity in complex cases of ownership.”
The news today also means that the legal sector in the United Kingdom will be better equipped to respond to new technologies, attracting more business and investment in the legal services industry which is already worth 34 billion pounds a year to the economy.
The legislation on stablecoin and staking
Last May, the Economic Secretary, Bim Afolami announced that the government of the United Kingdom was committed to promoting legislation regarding stablecoins and staking.
This move aimed to indicate the recognition and importance of these technologies by the government, with the goal of creating a regulatory framework that ensures security and stability in financial systems.
Not only that, according to Afolami, being able to proceed with a law on stablecoin and staking would enhance the United Kingdom’s position as a leader in financial innovation.