Over the last couple of years, the British crypto arena has been shaping up to be one of the most pro-crypto environments in the world. As the election day in the United Kingdom inches closer, the finalized contestants Rishi Sunak and Liz Truss are both applauded as good options by the crypto community in the UK. They are known for the fair share in vocalizing crypto-positive opinions and taking up crypto-friendly activities. The legislative commission of the country has recently put forth a new law that will give the green light to the future of crypto.
According to the proposal, cryptocurrency and digitalized assets are going to be brought under the legal ambit of properties belonging to an individual. Presently, the laws surrounding properties of a person in the United Kingdom only list out two types: material belongings and non-material belongings. The suggested third section will now extend to include all kinds of data-centric material that a person possesses. For this, the legislative body has laid down some additional qualifications to be met. The digitalized asset must primarily have an electronic-oriented existence and must be possessed by only a sole individual at a single time.
The legislative body emphasized that this will protect the consumers’ interests should any disputes crop up which require them to legally take on scammers and cybercriminals. Their motive also lies in a strong will to reinforce Britain’s position in the realm of global financial technologies and invention. Their decision to spotlight cryptoassets and NFT-centric policies has been welcomed by the crypto circles of the UK. This is also on brand with the UK’s plans to invest in the development of the country into a pro-crypto center of world-class eminence.