{"id":2822,"date":"2024-02-22T16:30:16","date_gmt":"2024-02-22T16:30:16","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=2822"},"modified":"2024-02-22T16:03:35","modified_gmt":"2024-02-22T16:03:35","slug":"uk-considers-classifying-cryptocurrencies-as-property","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/","title":{"rendered":"UK Considers Classifying Cryptocurrencies as Property"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property. This move follows the commission&#8217;s final report on digital assets in June 2023, where it proposed legislative changes to address legal uncertainties surrounding cryptocurrencies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-significance-of-recognizing-cryptoassets-as-property\">Significance of Recognizing Cryptoassets as Property<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Law Commission considers the formal recognition of crypto assets as property crucial for enabling individuals and businesses to fully utilize them. It emphasizes the necessity for courts to appropriately safeguard property rights associated with digital assets, especially in situations like insolvency or unlawful interference with assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital assets pose unique challenges due to their significant differences from physical assets and traditional forms of personal property. The commission acknowledges these distinctions, emphasizing the need for a new category tailored to the characteristics of crypto assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Simultaneous Call for Evidence on Related Project<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Concurrently, the Law Commission has issued a call for evidence on a separate project related to digital assets and electronic trade documents within private international law. Stakeholders have until March 22nd to provide feedback on the draft legislation and until May 16th for the private international law project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The draft legislation and parallel projects are the culmination of years of review by the Law Commission. Their primary objective is to offer enhanced legal clarity and protections for users of cryptoassets. Additionally, aligning with the UK government&#8217;s aspirations, these initiatives seek to position London as a leading global center for cryptocurrency innovation and investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property. This move follows the commission&#8217;s final report on digital assets in June 2023, where it proposed legislative changes to address legal uncertainties surrounding cryptocurrencies. Significance of Recognizing Cryptoassets as [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,40],"tags":[],"class_list":["post-2822","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general-news","category-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK Considers Classifying Cryptocurrencies as Property<\/title>\n<meta name=\"description\" content=\"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Considers Classifying Cryptocurrencies as Property\" \/>\n<meta property=\"og:description\" content=\"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T16:30:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Manjeet Mane\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Manjeet Mane\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\"},\"author\":{\"name\":\"Manjeet Mane\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8\"},\"headline\":\"UK Considers Classifying Cryptocurrencies as Property\",\"datePublished\":\"2024-02-22T16:30:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg\",\"articleSection\":[\"General News\",\"Regulation\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\",\"name\":\"UK Considers Classifying Cryptocurrencies as Property\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg\",\"datePublished\":\"2024-02-22T16:30:16+00:00\",\"description\":\"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg\",\"width\":800,\"height\":480,\"caption\":\"source:pymnts\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cryptometer.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Considers Classifying Cryptocurrencies as Property\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"name\":\"CryptoMeter.io\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"alternateName\":\"CryptoMeter.io\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\",\"name\":\"CryptoMeter.io\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"width\":512,\"height\":512,\"caption\":\"CryptoMeter.io\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CryptoMeterIO\"],\"publishingPrinciples\":\"https:\/\/www.cryptometer.io\/news\/about-us\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8\",\"name\":\"Manjeet Mane\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"caption\":\"Manjeet Mane\"},\"description\":\"Manjeet Mane, an accomplished developer in cryptocurrency and blockchain technology, has devoted years to advancing these fields. With a firm belief in their transformative power across industries, he specializes in full-stack development.\",\"url\":\"https:\/\/www.cryptometer.io\/news\/author\/manjit\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"UK Considers Classifying Cryptocurrencies as Property","description":"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/","og_locale":"en_US","og_type":"article","og_title":"UK Considers Classifying Cryptocurrencies as Property","og_description":"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.","og_url":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/","og_site_name":"CryptoMeter.io","article_published_time":"2024-02-22T16:30:16+00:00","og_image":[{"width":1200,"height":720,"url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","type":"image\/jpeg"}],"author":"Manjeet Mane","twitter_card":"summary_large_image","twitter_creator":"@CryptoMeterIO","twitter_site":"@CryptoMeterIO","twitter_misc":{"Written by":"Manjeet Mane","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#article","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/"},"author":{"name":"Manjeet Mane","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8"},"headline":"UK Considers Classifying Cryptocurrencies as Property","datePublished":"2024-02-22T16:30:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/"},"wordCount":258,"publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","articleSection":["General News","Regulation"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/","url":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/","name":"UK Considers Classifying Cryptocurrencies as Property","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","datePublished":"2024-02-22T16:30:16+00:00","description":"The Law Commission of England has initiated a consultation on a draft bill that aims to officially designate crypto assets as a distinct form of property.","breadcrumb":{"@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#primaryimage","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","width":800,"height":480,"caption":"source:pymnts"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cryptometer.io\/news\/uk-considers-classifying-cryptocurrencies-as-property\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cryptometer.io\/news\/"},{"@type":"ListItem","position":2,"name":"UK Considers Classifying Cryptocurrencies as Property"}]},{"@type":"WebSite","@id":"https:\/\/www.cryptometer.io\/news\/#website","url":"https:\/\/www.cryptometer.io\/news\/","name":"CryptoMeter.io","description":"","publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"alternateName":"CryptoMeter.io","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cryptometer.io\/news\/#organization","name":"CryptoMeter.io","url":"https:\/\/www.cryptometer.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","width":512,"height":512,"caption":"CryptoMeter.io"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CryptoMeterIO"],"publishingPrinciples":"https:\/\/www.cryptometer.io\/news\/about-us\/"},{"@type":"Person","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8","name":"Manjeet Mane","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","caption":"Manjeet Mane"},"description":"Manjeet Mane, an accomplished developer in cryptocurrency and blockchain technology, has devoted years to advancing these fields. With a firm belief in their transformative power across industries, he specializes in full-stack development.","url":"https:\/\/www.cryptometer.io\/news\/author\/manjit\/"}]}},"jetpack_featured_media_url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/02\/uk-crypto.jpg","_links":{"self":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/comments?post=2822"}],"version-history":[{"count":4,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2822\/revisions"}],"predecessor-version":[{"id":2839,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/2822\/revisions\/2839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media\/937"}],"wp:attachment":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media?parent=2822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/categories?post=2822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/tags?post=2822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}