UK Officially Legislates: Cryptocurrency Now Considered "Personal Property"

[ChainNews] The UK is taking real action this time.

On December 3, Lord John McFall, Speaker of the House of Lords, officially announced that the “Property (Digital Assets, etc.) Act” has received Royal Assent from King Charles. This means that cryptocurrencies, stablecoins, and other digital assets now have a clear legal status in the UK: personal property.

This act is actually based on recommendations from the England and Wales Law Commission in 2024, with the core goal of providing a clear definition for crypto assets. In the past, these digital assets were in an awkward legal position—not considered traditional tangible property nor as debt property. Now, the act directly confirms: even digital or electronic forms can be objects of personal property rights. CryptoUK also pointed this out.

What does this mean for ordinary users? The most direct impact is that you can more clearly prove asset ownership. If your assets are stolen, there is now a legal basis for recovery. Even complicated matters like bankruptcy or inheritance now have clear rules for handling.

Many in the industry believe this is a crucial step. Not only does it provide reassurance for consumers and investors, but it also paves the way for more innovations—such as launching new financial products, tokenizing physical assets, and building safer digital trading markets. The UK has been planning a comprehensive crypto regulatory framework, aiming to have crypto businesses operate under the same rules as traditional financial companies. This legislation marks another step toward its goal of becoming a global crypto hub.