Digital assets like Bitcoin will have greater legal clarity under
new legislation that will help support Scotland's growing
financial technology sector.
The Digital Assets (Scotland) Bill provides clear legal
recognition that digital assets can be objects of property under
Scots private law. This marks a significant step forward in
helping to ensure Scotland's legal framework is fit for the
digital economy. Currently, businesses, investors, and
individuals dealing with digital assets may choose to invest in
other jurisdictions offering greater legal certainty.
The new legislation creates robust legal foundations around
digital asset ownership and acquisition helping Scotland to
remain an attractive destination for financial technology
companies and providing greater confidence for individuals.
Scotland has around 260 FinTech companies employing more than
11,300 people and the sector is worth £14 billion to the
Scottish economy.
Business Minister said:
"This legislation provides the legal clarity that businesses and
investors need to thrive in Scotland's digital economy.
"By clarifying how digital assets are treated under Scots
property law, we are building strong foundations for innovation
and ensuring that Scots law can accommodate these innovations.
"Scotland's world-class legal system and vibrant financial sector
are experiencing huge growth. We want to be a FinTech global
powerhouse and legislation such as this will help meet that
commitment."
Background
Digital Assets (Scotland)
Bill | Scottish Parliament Website
