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The UK proposes to classify BTC and Non-fungible Token and other encryption assets as personal property
Golden Finance reported that the UK government proposed a milestone initiative in Parliament on Wednesday, aiming to clarify the legal status of digital assets (including Bitcoin, other cryptocurrencies, and Non-fungible Tokens) as personal property under the laws of England and Wales. Once the bill is passed, it will create a third category of personal property, surpassing the current classifications of 'real property' and 'personal property'. This new category will encompass certain digital assets and provide them with clear legal recognition and protection. Attorney General Heidi Alexander said that the law must keep pace with evolving technology, and this legislation means that the industry can maintain its global leadership in the field of encryption assets and bring clarity to complex property cases.