%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The British government has formally recognized cryptocurrencies as property with the passage of a new law. The "Property (Digital Assets) Act" has been passed by the British Parliament and received Royal Assent, officially making it the law of the land. The new law modernizes the definition of property to include digital assets such as Bitcoin (CRYPTO: $BTC ) and other crypto. Previously, property fell into one of two categories: things in possession such as physical objects and things in action such as debt. The new law establishes a third category that includes digital assets such as cryptocurrencies and non-fungible tokens (NFTs). Crypto advocates are cheering the new British law and calling it a major step forward in the legal recognition of digital assets. Analysts say recognizing crypto as a person's property will instill greater confidence in users and encourage greater adoption of Bitcoin, Ethereum (CRYPTO: $ETH ), and other cryptocurrencies. "This change provides greater clarity and protection for consumers and investors by ensuring that digital assets can be clearly owned, recovered in cases of theft or fraud, and included within insolvency and estate processes," wrote trade association CryptoUK in a statement. Bitcoin and other crypto had previously been treated as property in court, but that was on a case-by-case basis and was not the official law in the United Kingdom (U.K.). BTC is currently trading at $93,000 U.S., having declined 0.45% this year.