The Scottish government has introduced a new bill in an effort to provide greater legal clarity surrounding digital assets.

Digital assets like Bitcoin should have greater legal clarity under the new legislation – the Digital Assets (Scotland) Bill – 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 aims to create 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.

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Scotland has around 260 FinTech companies employing more than 11,300 people and the sector is worth £14 billion to the Scottish economy.

“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,” business minister Richard Lochhead said.

“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.”