The creation of a new category of legal ‘thing’ is among the measures in draft legislation introduced to parliament today. Under the Property (Digital Assets etc) Bill, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
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A new kind of ‘thing’: Property (Digital Assets etc) Bill introduced to parliament
Previously, digital belongings were not definitively included in the scope of English and Welsh property law, leaving owners in a legal grey area if their assets were interfered with. The new measure follows the recommendations of the Law Commission’s 2023 report on digital assets, which recommended the creation of a new category of legal ‘thing’ (chose) alongside ’things in possession’ and ’things in action’.
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