🇬🇧 The UK government has confirmed the draft legislation that defines crypto assets as personal property and has received Royal Assent.
According to this law, cryptocurrencies (Bitcoin, Ethereum, etc.) and stablecoins are defined as a type of ownership that will be protected under the law like ordinary property (for example - cars, stocks).
This legislation creates a new third category for Digital Assets, moving beyond the previous two types of ownership (physical possession and court-claimable).
What does this mean?
Crypto holders will gain legal protections, allowing them to claim in court for their assets in cases of fraud or theft, just like regular ownership.
This legislation aims to eliminate legal uncertainty related to crypto ownership.
Businesses and banks will be able to use crypto more confidently in their operations.
By approving this legislation, the UK becomes one of the leading countries in global crypto regulation, gaining an advantage in attracting digital assets.
Recognizing crypto as a commodity means that issues regarding Capital Gains Tax (CGT) and Inheritance Tax will also become clearer legally.
The UK's decision elevates the legal recognition of crypto assets to the highest level, providing a key cornerstone for the global financial landscape.
