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.

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’.