UK Wants New Form of Property For Bitcoin – Bitcoin Magazine

The Law Commission of England and Wales, an independent consultant firm for legal reform originally commissioned by the parliament, has proposed a new category of property to encompass digital assets such as bitcoin in a 549 page proposal.

How could this change the way the United Kingdom interacts with and recognizes bitcoin, and why was it necessary?

In the UK there are currently two recognized forms of property: things in possession, and things in action.