Members of the House of Lords expressed support for the Law Commission's digital assets property bill, which aims to clarify the legal treatment of cryptocurrencies and assist in legal disputes related to crypto ownership. This initiative is viewed as critical for ensuring the U.K. remains competitive and responsive to the evolving landscape of digital assets. The bill would not only aid judges in criminal cases involving crypto theft but also facilitate the division of digital assets in matrimonial cases. The Lords called for additional regulatory clarity from the new Labour government, emphasizing the importance of a flexible legal framework that accommodates the dynamic nature of digital assets. Economic Secretary Tulip Siddiq announced that the government is reviewing previous proposals for crypto regulation to outline its policy direction shortly. The U.K. has previously sought to regulate crypto as a financial activity and is in the process of solidifying its approach.

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