TechFlow reported on September 12, citing The Block, that on September 11 the UK government submitted a bill to Parliament aiming to formally define crypto assets—including NFTs and RWAs—as property. Heidi Alexander, Minister of State at the Ministry of Justice, stated that digital assets had previously lacked clear definition under property law in England and Wales, leaving asset owners in a legal gray area. If passed, the bill would introduce a third category of property—alongside "tangible property" and "intangible 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 sector and attract more businesses and investments. Digital assets contribute an estimated £34 billion annually to the UK economy. The bill responds to a 2023 report by the UK Law Commission, which concluded that while digital assets do not fall under existing categories of tangible or intangible property, they should nevertheless be recognized as property.
