UK House of Lords supports digital asset property bill

PANews November 7th news, according to CoinDesk, members of the House of Lords expressed support for the country’s digital asset property bill at the second reading meeting on Wednesday. The House of Lords Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step forward for the UK in paving the way for the use of cryptocurrencies in the country. The bill was drafted by the independent statutory body, the Legislative Committee, and was launched in the UK in September. The bill adds a new category of ‘property’ to help resolve legal disputes related to Crypto Assets. The bill will not only help judges in criminal proceedings where Crypto Assets are stolen due to fraud or Hacker attacks, but will also assist in the division of marital property.