30s Summary

The UK Law Commission’s digital asset property bill received approval from the House of Lords, aimed at clarifying cryptocurrency-related legal disputes. Introduced in September, the bill adds a property category, “thing”, that can be used in cases involving theft of digital assets or during property separation in divorces. It is expected to significantly impact how cryptocurrency is legally perceived. However, crypto regulation in the UK, including treating crypto trading as a regulated activity, has been paused under the incumbent Labour government.

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The U.K.’s Law Commission’s digital asset property bill just got a thumbs up from the House of Lords types. Basically, this bit of paperwork is designed to make things clearer when it comes to handling crypto-related legal fights.

The peeps in the House of Lords are pretty excited about this bill. They reckon it’ll make a big difference to how crypto is seen by the legal system. They also think it could be a big plus for anyone keen to use crypto over in the U.K.

This bill was rolled out back in September. The plan was to add a new category to property called “thing”, which could be useful when it comes to legal disputes involving crypto. According to Lord Ponsonby, this legislation could be handy for legal cases involving theft of crypto through fraud or hacking, as well as during division of property during divorce proceedings.

Some of the big dogs in the House of Lords reckon this is a change that’s long overdue. Lord Thomas and Lord Ponsonby even think it could help the U.K. stay competitive on the global stage.

On the regulation front, the U.K. has been working on rules to treat crypto trading as a regulated activity. However, a lot of this has been put on hold since the Labour party took over the government. Here’s hoping the new Labour government figures out its stance on the whole crypto thing soon!