The UK government has submitted a bill to define NFTs, RWAs, and other crypto assets as a new type of property

ChainCatcher news, according to The Block, the UK government submitted a bill to Parliament on September 11, aiming to officially define crypto assets (including NFTs and RWAs) as property. Minister of State for the Ministry of Justice, Heidi Alexander, stated that previously digital assets were not clearly defined within the property law framework in England and Wales, leaving asset owners in a legal gray area. If the bill is passed, it will introduce a third category of property in addition to the existing "real property" and "rights property," granting specific digital assets personal property rights.

Alexander emphasized that the bill aims to maintain the UK's leading position in the global crypto space and attract more businesses and investments. Digital assets contribute £34 billion to the UK economy each year. The bill is a response to the UK Law Commission's 2023 report, which noted that while digital assets do not fall under real property or rights property, they should be regarded as property.