Property (Digital Assets etc) Bill [HL]

A Bill to make provision about the types of things that are not prevented from being objects of personal property rights.


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Page 1

1
Objects of personal property rights
 
 
A thing (including a thing that is digital or electronic in nature) is not
 
 
prevented from being the object of personal property rights merely because
 
 
it is neither—
 
 
(a)
a thing in possession, nor
5
 
(b)
a thing in action.
 
2
Extent, commencement and short title
 
 
(1)
This Act extends to England and Wales and Northern Ireland.
 
 
(2)
This Act comes into force on the day on which it is passed.
 
 
(3)
This Act may be cited as the Property (Digital Assets etc) Act 2025.
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Amendments
Amendment 1

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was WITHDRAWN

Clause 1, page 1, line 5, leave out “a thing in” and insert “capable of”

Type: Backbencher

Signatures: 1

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025

Member's explanatory statement

This amendment, connected to another in the name of Lord Holmes of Richmond, seeks to provide a statutory basis for recognising digital assets as property, while removing any presumption that these assets cannot be accommodated by the existing two categories of personal property rights.

Amendment 2

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was NOT MOVED

Clause 1, page 1, line 6, leave out paragraph (b) and insert—
“(b) a right that may only be claimed or enforced by legal action or proceedings against another person or persons.”

Type: Backbencher

Signatures: 1

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025

Member's explanatory statement

This amendment, connected to another in the name of Lord Holmes of Richmond, seeks to provide a statutory basis for recognising digital assets as property, while removing any presumption that these assets cannot be accommodated by the existing two categories of personal property rights.

Amendment 3

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was NOT MOVED

After Clause 1, insert the following new Clause—
“Codes of practice on attributes of digital assets conferring property rights
(1) On the day on which this Act is passed, the Secretary of State must publish codes of practice on the attributes of digital things which confer personal property rights.
(2) In reaching any judgment on whether a digital asset is the object of personal property rights, the courts of England and Wales and Northern Ireland must have regard to the codes of practice published under subsection (1).”

Type: Backbencher

Signatures: 1

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025

Member's explanatory statement

This amendment seeks to ensure the Secretary of State publishes guidance which must be considered by the courts when determining whether digital things can be the object of personal property rights.

Amendment 4

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was WITHDRAWN

After Clause 1, insert the following new Clause—
“Review: impact of digital assets being treated as property by virtue of this Act
(1) On the day on which this Act is passed, the Secretary of State must publish an economic impact assessment of digital assets being treated as property by virtue of this Act.
(2) The impact assessment under subsection (1) must include, but is not limited to—
(a) the estimated change in demand for, and use of, digital assets and the impact of this on data centre power usage, and
(b) the current level of data centre provision and its ability to meet any increase in demand for digital assets.”

Type: Backbencher

Signatures: 1

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025
Amendment 5

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was NOT MOVED

After Clause 1, insert the following new Clause—
“Review: impact of digital assets being treated as property by virtue of this Act on any need for regulation
Within six months of the day on which this Act is passed, the Secretary of State must conduct a review on any need for further regulation of stablecoins and tokenised deposits due to any such digital assets being treated as property by virtue of this Act.”

Type: Backbencher

Signatures: 1

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025
Amendment 6

Tabled: 28 Apr 2025
HL Bill 67-I Marshalled list for Report

This amendment was AGREED

Title, line 1, leave out “capable of” and insert “not prevented from”

Type: Backbencher

Signatures: 3

Lord Holmes of Richmond (Con - Life peer) - 28 Apr 2025
Lord Anderson of Ipswich (XB - Life peer) - 28 Apr 2025
Lord Ponsonby of Shulbrede (Lab - Life peer) - 28 Apr 2025

Member's explanatory statement

This amendment seeks to restate the long title more clearly, so that it is consistent with the operative Clause of the Bill.