The Property (Digital Assets etc) Bill, introduced in Parliament today, will mean that for the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
#Bitcoin #BTC #Cryptocurrency #Crypto #UnitedKingdom #UK #Nostr
https://www.gov.uk/government/news/new-bill-introduced-in-parliament-to-clarify-cryptos-legal-status
Somebody needs to tell me what my opinion is on this!
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Sounds like they're looking for a new revenue stream. Can't find additional information anywhere, but I'm curious if it is retroactive to the purchase date of said assets. Hopefully it is also written that you can deduct losses for said property becoming worthless.
Where do you draw this conclusion from🤔. It doesn't mention a single thing about tax or profit or loss. It is simply setting digital assets in a legal framework as property.
Life experience. Governments aren't in the business of spending time and energy drafting laws unless they can recoup a little piece of the action for themselves.
Several articles I read mentioned they want the ability to freeze assets. I also remember several articles over the last couple of years that people are paying for rentals in cryptocurrency.
If landlords are not reporting that income, the Government aren't getting their share in taxes so it makes sense as to why they want something official on the books so they can collect their portion as well as levy legal encumbrance on it.
