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The UK officially recognizes cryptocurrency as property, granting legal protection to crypto holders.
The UK Parliament has passed the "Property (Digital Assets, etc.) Act," officially recognizing cryptocurrencies and stablecoins as personal property, marking a significant breakthrough for the legal status of digital assets in the UK. This week, the Act received Royal Assent from King Charles, making it officially effective and granting digital assets the same legal protection as traditional property, removing them from the legal gray area.
The move has been widely welcomed by the industry. The Bitcoin Policy UK organization called the Act a "major step forward," while the industry body CryptoUK stated that by codifying previous case law into statutory law, Parliament has provided a clear legal basis for the ownership of digital assets. Previously, while common law had sporadically recognized digital tokens as property, there was a lack of uniform standards.
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