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ARTICLE · 17 SEPTEMBER 2024

UK Parliament Introduces Bill Categorising Certain Digital Assets As "Personal Property"

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The Property (Digital Assets) Bill, introduced on 11 September 2024, proposes recognizing digital assets as personal property under English law, creating a third category of personal property rights.

United StatesTechnology
Carolyn Jackson
Carolyn Jackson
Nathaniel Lalone
Nathaniel Lalone
Neil Robson
Neil Robson
Christopher Collins
Christopher Collins
Ciara McBrien
Ciara McBrien
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Sara Portillo
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On 11 September 2024, the Property (Digital Assets etc) Bill (Bill) was introduced to the House of Lords and received its first reading. If enacted, the Bill will confirm that certain types of digital assets are capable of being recognised as personal property under English law.

Background

Traditionally, two distinct categories of personal property rights are recognised under English law: (i) rights relating to things in possession (i.e., tangible things); and (ii) rights relating to things in action (legal rights or claims enforceable by action).

In March 2020, the UK Ministry of Justice asked the Law Commission (Commission) to review how personal property law in England and Wales could apply to crypto-tokens and other digital assets, and to recommend reforms in this area.

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