New UK legislation: Cryptocurrencies included in "personal property" protection system

According to a report by Cointelegraph on December 3rd, the UK has officially passed a bill recognizing digital assets, including cryptocurrencies and stablecoins, as "property." Advocates say this move will provide stronger legal protection for crypto users. John McFall, Speaker of the House of Lords, stated on Tuesday that the Property (Digital Assets etc) Bill has received Royal Assent, formal approval from King Charles III, and has become law. Freddie New, Policy Director of Bitcoin Policy UK, stated on X that the bill "becoming law is a huge step forward for Bitcoin in the UK and a significant benefit for everyone who holds and uses Bitcoin in the UK." In the UK, the common law system, developed from judicial precedent, has previously recognized digital assets as property. However, this bill aims to formally incorporate this principle into legislation and implement the Law Commission's 2024 recommendation to explicitly define crypto assets as a new category of personal property rights, thereby increasing legal clarity.