There are two types of property in established case law: things in possession (usually tangible objects) and things in action (like debts or the right to sue). Digital assets do not fall neatly into either category. While the law has been flexible in practice in considering them property, this Law Commission bill aims to remove uncertainty by legally establishing a third type of property. This is intended to provide more clarity in cases involving digital assets, including settlements, divorces, or disputed ownership.
Property (Digital Assets etc) Bill [HL] (317 KB , PDF)
The Property (Digital Assets etc) Bill is a Law Commission bill. The bill would implement a recommendation from the Law Commission’s project on digital assets. The government has produced explanatory notes.
The bill would establish that things can be property, even if they do not meet the traditional definitions of property established in case law. The bill is designed to clarify that assets such as crypto-tokens, crypto-currency and non-fungible tokens could be capable of attracting property rights. However, it does not establish that any particular category of thing is property.
The government has said that this will bring clarity to complex cases involving digital holdings.
Law Commission bills are subject to special procedures in the House of Lords. The bill has been committed to a second reading committee, to be followed by a special public bill committee.
Property (Digital Assets etc) Bill [HL] (317 KB , PDF)
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