The UK Law Commission has proposed a new property class for cryptoassets

The Law Commission for England and Wales has urged its government to classify all crypto assets as a new form of personal property in its final report on digital assets. The Law Commission is an independent body primarily responsible for reviewing and recommending legal reforms in England and Wales. On July 30, it released a supplementary report highlighting the inadequacies of the current classification of personal property and its legal implications for crypto assets.
UK law divides personal property into two broad categories: possessions (tangible property) and movable property (intangible property, such as debts or rights). The committee believes that digital assets, including cryptocurrencies and non-fungible tokens, can combine both of these properties and impede dispute resolution in court proceedings.