The UK’s Ministry of Justice has introduced a new Bill to Parliament aiming to clarify that digital assets and certain other things can be considered as ‘property’ in England and Wales. It will cover many digital assets such as cryptocurrencies, non-fungible tokens, voluntary carbon credits and in-game digital assets.
It follows an extensive review by the UK’s Law Commission, which drafted the legislation and conducted a consultation. While the thinking behind it is not straightforward – there was a 300 page report – the draft legislation is extremely short. See below.
As the legislation points out, until recently, there were only two types of personal property. These include things in possession – usually physical things like a car, house or watch – and things in action. The ‘action’ part relates to legal action, or the right of a person to sue. Hence, it includes contracts (such as a debt), copyright, or the right to enforce a court judgment.
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