UK House of Lords backs Digital Asset Property Bill

Members of the House of Lords in the United Kingdom expressed support for the country's Digital Asset Property Bill at its second reading on Wednesday. The House of Lords Grand Committee generally agreed that the bill would provide more clarity on how the legal system treats cryptocurrencies and could mark another step in the UK's efforts to pave the way for the use of cryptocurrencies in the country. The bill was drafted by the Law Commission, an independent statutory body, and introduced in the UK in September. The bill adds a new category of "articles" to the categories that fall under property to help resolve legal disputes over cryptocurrencies. The bill will not only help judges in criminal proceedings where cryptocurrencies have been stolen due to fraud or hacking, but will also help divide marital property.