The new Property (Digital Assets etc.) Bill was introduced to Parliament on 11th September 2024.
What the Draft Legislation Includes:
- – Creation of a new category of legal ‘thing’
- – Digital holdings including cryptocurrency, non-fungible tokens and carbon credits can be considered personal property
Why is the New Bill Significant?
Previously, digital holdings were not definitively included in property law in England and Wales. This created legal uncertainty in situations where an owner’s assets were interfered with.
The changes will increase legal protections for owners and remove previous legal uncertainty in this area. It will also mean that English and Welsh law is keeping up to date with the global tech industry.
What is the Impact on Family Law?
The bill is hoped to assist judges in complex cases where holdings form estates in divorce cases.
The contents of this post do not constitute legal advice and are provided for general information purposes only.
Associated photo designed by Freepik.
The contents of this post do not constitute legal advice and are provided for general information purposes only ■
