UK Advances on Crypto Property Bill
The UK government is taking steps to clarify the legal status of cryptocurrencies by introducing a new bill that recognizes digital assets as personal property under English law. This proposed legislation aims to provide protections for crypto owners, including safeguards against fraud and simplifying ownership disputes.
Labour Government’s Crypto-Related Initiatives
The Property Bill represents one of the early efforts by the Labour government to address crypto-related issues, following recommendations from the Law Commission to include digital assets under property law. This move aligns with the vision of transforming the UK into a global crypto innovation hub, as set forth by former prime minister Rishi Sunak.
Challenges for Crypto Businesses
Despite the government’s efforts to clarify the legal status of cryptocurrencies, crypto businesses are facing challenges in meeting regulatory standards set by the Financial Conduct Authority. A recent report highlighted that a majority of digital asset applicants failed to meet the FCA’s requirements, underscoring the need for greater regulatory clarity in the industry.
