In the UK, a new bill has been introduced in Parliament that clarifies the legal status of cryptocurrencies and their regulation.
UK Regulation: Cryptocurrencies as Personal Property Under New Law
From what has been reported, it seems that in the United Kingdom Important steps are being taken in the regulation of cryptocurrencies.
In fact, a new bill has been presented to Parliament which aims to clarify the status of crypto, provide better legal protection for owners of digital assets.
Specifically, The proposal considers crypto as personal property. It should be noted that by “crypto” we mean all digital assets, including Bitcoin, cryptocurrencies, tokens and NFTs of digital art or carbon credits.
For the new law, and for the first time in UK history, all such property will be considered personal property.
United Kingdom and regulation: a law to offer better legal protection to cryptocurrency holders
The new UK cryptocurrency bill will also ensure the country can maintain a leading position in the global cryptocurrency race.
Because if Parliament approves it, this country would be one of the first to recognize and define these assets by law.
In fact, this measure would allow the UK to get out of a grey area of cryptocurrency regulation, and would give more legal protection to cryptocurrency holders.
In this regard, Heidi AlexanderThe Minister of Justice made the following comment:
“Our world-leading legal services are a vital part of our economy, helping to drive growth and keep Britain at the centre of the international legal industry. It is vital that the law keeps pace with changing technologies and this legislation will ensure the industry maintains its position as a world leader in the crypto-asset sector and provides clarity in complex ownership cases.”
Today’s news also means that the UK legal sector will be better equipped to respond to new technologies, attracting more business and investment into the legal services sector, which is already worth £34 billion a year to the economy.
Legislation on stablecoin and staking
Last May, the Economic Secretary, Bim Afolami announced that the The UK government has committed to promoting legislation regarding stablecoins and staking.
This gesture was intended to indicate the recognition and importance of these technologies by the government, with the aim of creating a regulatory framework that ensures the safety and stability of financial systems.
Additionally, Afolami says, being able to pass a stablecoin and staking law would strengthen the UK’s position as a leader in financial innovation.
