Cryptocurrency and Your Will

The Property (Digital Assets etc) Bill establishes that digital holdings such as cryptocurrency, non-fungible tokens (NFTs, e.g. digital art), and carbon credits are legally recognised as personal property.

This recognition applies even though such assets do not neatly fit into the traditional categories of personal property.

Currently, personal property is typically classified as either:

• “Things in possession” – tangible, physical items, or

• “Things in action” – intangible rights that can be enforced through legal action, such as debts.

  
  

The proposed legal reform places the UK among the first countries to formally recognise digital assets as property under the law.

As digital portfolios continue to grow in value and complexity, the legal framework must evolve accordingly. This change will better equip the legal profession to manage such assets, particularly in estate planning and administration.

Crucially, the recognition of these assets as property also means that they are now subject to property rights, offering owners greater protection against fraud and unauthorised access.

Contact me with any questions you may have on this topic.

Emma Aslett

Penn Chambers Solicitors   

0207 183 4595

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.