APPG Co-Chairs Welcome ‘landmark moment’ as Property (Digital Assets etc) Act signed into UK law
The Co-Chairs of the UK Parliament’s Crypto and Digital Assets All-Party Parliamentary Group (APPG), which is supported by CryptoUK as secretariat, have welcomed the passage of the Property (Digital Assets etc) Act after it received Royal Assent from His Majesty the King.
Gurinder Singh Josan MP, Co-chair of the Crypto and Digital Assets (APPG), described the Act as a “landmark moment” for the UK and a significant step towards a full and comprehensive regulatory framework for crypto and digital assets. He noted that crypto ownership in the UK has almost trebled since 2021 and said the legislation provides millions of UK crypto holders with greater legal protections and clarity over their digital assets.
He stated that by formally recognising digital assets in law, the UK is giving consumers clearer ownership rights, stronger protections, and the ability to recover assets lost through theft or fraud. He added that the APPG would continue to support robust consumer protections and ensure that legislation keeps pace with the rapid growth of the sector.
Lord Vaizey of Didcot, Co-chair of the Crypto and Digital Assets (APPG), said the APPG welcomed the Act as an important milestone on the UK’s path towards a complete regulatory framework for digital assets. He described its passage into law as delivering much-needed legal clarity for users of digital assets in the UK.
Referring to the Government’s ambition to establish a world-leading regime for crypto and digital assets, he said the development moves the UK closer to that goal and signals its intention to become a global hub for digital assets. He added that the APPG would continue to press for a coherent and comprehensive regulatory framework that protects consumers while providing industry with the clarity required to innovate and grow in the UK.
The new Act confirms that digital assets, including cryptocurrencies and non-fungible tokens, can be recognised in law as personal property in England, Wales and Northern Ireland. This places the UK among the first jurisdictions globally to provide explicit statutory recognition of digital assets as property.
As a result, digital assets can now benefit from similar legal treatment to traditional assets. This includes stronger protections against fraud and scams, the ability to pass assets on through inheritance, and the potential for recovery by creditors in insolvency proceedings. The reforms are also intended to reduce costly disputes by providing businesses with greater legal certainty over the status of cryptoassets, aligning them more closely with established categories of personal property.
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