{"id":92917,"date":"2024-09-11T18:07:08","date_gmt":"2024-09-11T22:07:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92917"},"modified":"2024-09-11T18:46:00","modified_gmt":"2024-09-11T22:46:00","slug":"uk-presents-bill-to-recognize-crypto-as-personal-property","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/uk-presents-bill-to-recognize-crypto-as-personal-property\/","title":{"rendered":"UK Presents Bill to Recognize Crypto as Personal Property"},"content":{"rendered":"\n

U.K. authorities plan to clarify how to classify cryptocurrencies under a new bill<\/a>.<\/p>\n\n\n\n

\"UK
UK Presents Bill to Recognize Crypto as Personal Property<\/figcaption><\/figure>\n\n\n\n

The British Parliament has been presented with a proposal to acknowledge digital assets as personal property under English law, as per an official government notification. <\/p>\n\n\n\n

The proposed bill would provide legal standing for blockchain-powered assets<\/a>, such as virtual currencies, tokenized real estate, and non-fungible tokens. <\/p>\n\n\n\n

According to Justice Minister Heidi Alexander, “things in possession” is a new property category that was introduced under the Act. <\/p>\n\n\n\n

This legal class safeguards cryptocurrency owners from dishonest people and con artists.\u00a0Minister Alexander declared in a statement on September 11 that both institutions and individual owners will be protected from dishonest business practices. <\/p>\n\n\n\n

The congressman said that the plan would simplify ownership conflicts in situations like divorce.<\/p>\n\n\n\n

UK advances on crypto property bill\u00a0<\/h2>\n\n\n\n

One of the first measures about cryptocurrency implemented by Prime Minister Keir Starmer's Labour government is the Property Bill. <\/p>\n\n\n\n

It comes after a February consultation paper released by the Law Commission. Experts from the Law Commission suggested that digital assets, especially cryptocurrencies like Bitcoin (BTC), be covered by property law<\/a>. <\/p>\n\n\n\n

The idea could help former prime minister Rishi Sunak realize his goal of making the United Kingdom a center for worldwide cryptocurrency innovation. <\/p>\n\n\n\n

In other places, cryptocurrency companies found it difficult to comply with FCA regulations\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. As per an annual report, only four out of 35 organizations met the qualifying requirements, and 90% of applicants for digital assets failed to meet the FCA's standards.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

U.K. authorities plan to clarify how to classify cryptocurrencies under a new bill. The British Parliament has been presented with a proposal to acknowledge digital assets as personal property under English law, as per an official government notification. The proposed bill would provide legal standing for blockchain-powered assets, such as virtual currencies, tokenized real estate, […]<\/p>\n","protected":false},"author":43,"featured_media":92918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11410],"tags":[1949,376,943],"class_list":["post-92917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-bill","tag-cryptocurrencies","tag-uk"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/croc_1726091068208.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92917"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/92918"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}