The UK Parliament has passed the “Property (Digital Assets, etc.) Act,” officially recognizing cryptocurrencies and stablecoins as personal property, marking a major breakthrough in the legal status of digital assets in the UK. This week, the bill received royal assent from King Charles and has come into force, granting digital assets the same legal protection as traditional property and removing them from the legal gray area.
The move has been widely welcomed within the industry. The Bitcoin Policy UK organization described the act as a “significant step forward,” while the industry group CryptoUK stated that Parliament’s codification of previous judicial practices provides a clear legal basis for the confirmation of digital asset ownership. Previously, while common law had occasionally recognized digital tokens as property, there was no unified standard.
The new law follows the 2024 recommendations of the Law Commission of England and Wales, bringing “things in digital or electronic form” under the category of personal property, even if they do not meet the traditional definitions of tangible objects or contractual rights. Legal experts point out that this will address uncertainties in ownership disputes over crypto assets, playing an important role in cases involving stolen funds recovery, inheritance, and corporate bankruptcy.
CryptoUK stated: “This provides a clearer legal foundation for digital assets, making it easier for courts to determine ownership and address post-fraud recovery issues.” The government also views this as an important step in promoting the UK as a global digital finance hub. According to financial regulatory data, around 12% of UK adults hold cryptocurrencies, and the number continues to rise.
Additionally, the UK government is considering banning political parties from accepting cryptocurrency donations, a move that could affect Reform UK, which was the first British party to accept digital assets. At the same time, the government is pushing forward DeFi tax reforms. The new framework will exempt users from capital gains tax when depositing tokens into lending protocols or liquidity pools, further optimizing the digital asset ecosystem.
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