"Establishment of new law for the purpose of resolving legal uncertainty"
"Recognition of property rights in cryptocurrencies including BTC and NFT"
);)
The UK Ministry of Justice has announced that it is finally introducing new legislation after nearly a year of research aimed at clearing up legal uncertainty surrounding cryptocurrencies.
New legislation announced by the UK’s Ministry of Justice states that various cryptocurrencies, including Bitcoin and non-fungible tokens (NFTs), will be legally protected as personal property in the UK. The ministry’s bill states that it “will provide legal protection for cryptocurrency owners and the companies that own them from complex fraud cases” and “will serve as a guideline for complex disputes over the ownership of cryptocurrencies.”
The British government announced the purpose of introducing the new law in an official statement. The British government said, "It is to become one of the major countries that recognizes property rights in cryptocurrencies and to take a leading position in the global cryptocurrency competition."
Reporter Kwon Seung-won ksw@
