UK’s new bill recognises Bitcoin and other digital assets as personal property. Under the new law, crypto owners will enjoy greater legal protection.

The UK parliament has introduced a new bill that clarifies digital assets ownership by recognizing Bitcoin and other crypto assets as personal property. The new draft law, the Property (Digital Assets etc) Bill, will offer legal protections to crypto holders. It was introduced in the UK parliament on September 11, 2024. “For the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law,” the Ministry of Justice wrote in a press release published on Wednesday. The government also shared the news on X.

The UK has passed a new bill that will allow crypto and other digital assets to be recognised as personal property. That means owners of digital assets will gain legal protection against fraud and scams. Read more about it here ➡️ https://t.co/IQwPvWJXUk pic.twitter.com/LxhHUws4Qp — Ministry of Justice (@MoJGovUK) September 11, 2024

Legal protection for BItcoin, crypto holders The UK government believes this bill puts the country at the forefront of an emerging crypto market. Per the announcement, the goal is to protect Bitcoin and other digital assets holders under the law. Recognising these assets as personal property means individuals and companies will enjoy protection against fraud and scams. The justice system will also benefit by being able to handle cases arising from disputes on digital holdings, including in divorce cases. “Our world-leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry. It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases,” UK Justice Minister Heidi Alexander said. While the UK law recognizes “things in possession” such as gold and money, or “things in action” such as debt or shares, as property, there has been no classification of digital assets in this manner. As crypto falls into none of the two categories, the new law envisions a third category of “thing.” Crypto will now attract this consideration as asset with personal property rights.

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Artificial Superintelligence Alliance revealed a proposal for a merger with CUDOS. The native token of CUDOS, an AI compute platform, will convert to FET if proposal passes a community vote.

The Artificial Superintelligence Alliance has announced a proposal seeking to merge the alliance with decentralized physical infrastructure network (DePIN) platform CUDOS. SingularityNET, Fetch.ai, and Ocean Protocol merged into one entity under the ASI alliance, and the new development means CUDOS will join as a non-founding member. ASI proposes CUDOS merger ASI announced the merger proposal on Sept. 11, while the CUDOS team also posted this on their X account.

📢 ATTENTION! HUGE NEWS INCOMING 📢 CUDOS and the Artificial Superintelligence Alliance (@ASI_Alliance) propose a game-changing strategic token merger to propel AI research and development 🔎 CUDOS, a leader in distributed AI computing, is set for a landmark token merger with… https://t.co/C2V0h28urD — CUDOS (@CUDOS_) September 11, 2024

Details of the proposal include the assertion that the distributed AI computing provider will be a crucial addition to the ASI Alliance. Notably, its says CUDOS, which taps into blockchain to offer scalable, cost-efficient and flexible cloud AI services, will help the Artificial Superintelligence Alliance’s quest to become a leader in artificial general intelligence (AGI). “This partnership is not just about combining our resources; it’s about creating a seamless ecosystem where AI and blockchain technology can thrive together, pushing the boundaries of what decentralized AI can achieve. By leveraging CUDOS’ powerful computing network within the ASI framework, we’re setting the stage for groundbreaking advancements in AI that will redefine the future of technology and pave the way for decentralized AGI and ASI,” said Matt Hawkins, founder of CUDOS. CUDOS token migration If both CUDOS and ASI communities pass the proposal in a vote set for September 19 to September 24, 2024, then the CUDOS token will convert to Artificial Superintelligence Alliance’s token (FET). According to details in the announcement, the CUDOS to FET conversion ratio will be 112.427:1. A 5% merge fee will be applied to bring it to roughly 118.344:1. The price of CUDOS token rose sharply after the news, reaching highs of $0.01 before paring gains. CUDOS’ daily trading volume was up 113% to over $1.2 million at the time of writing.

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