UK Formally Recognizes Cryptocurrencies and Stablecoins as Personal Property

The Property (Digital Assets etc) Bill received Royal Assent from King Charles III on December 3 and became law in the United Kingdom, House of Lords member John McFall said. The legislation formally recognizes digital assets including cryptocurrencies and stablecoins as property under UK law. The bill codifies principles previously established through common law judicial precedents and implements recommendations from the Law Commission of England and Wales in 2024, which proposed classifying crypto assets as a distinct category of personal property rights. Freddie New, policy director at Bitcoin Policy UK, described the law as "a significant positive development for Bitcoin holders and users across the UK."