Meeting of the Parliament 22 January 2026 [Draft]
Yes, we will look at that point and reflect on it.
Other issues, such as electronic trade documents, were also mentioned, and some academics from the University of Aberdeen raised concerns to the committee about whether they should be recognised as digital assets. We will also reflect on that issue in relation to potential carve-outs.
As many members have said, there is a need for legislation. The committee heard from a range of witnesses that there is a lack of legal certainty on the status of digital assets as objects of property in Scots law. The overwhelming majority agreed that greater certainty is necessary and that that should be provided for in primary legislation. That was reflective of the views shared by respondents to the Scottish Government’s consultation and from members speaking in today’s stage 1 debate, so the need for a bill is not in doubt.
The bill will put beyond doubt that certain digital things can be owned if they meet the definition of a digital asset in the bill. However, given the rapid proliferation of digital assets, we should not wait until an appropriate case is brought before the Scottish courts to confirm their legal status as objects of property. Therefore, the bill will have the opportunity to make the law clearer, and we want to take that forward as a Parliament.
I am pleased that the committee supports the general principles of the bill. I could talk for a long time, but I will bring my remarks to a close. There are many other issues in the committee’s report, but we understand that the bill is required. It is a short, sharp bill that is necessary to recognise digital assets as property in law.
Without further ado, I say that Scotland’s independent legal system—I know that we heard about medieval England earlier—and legal heritage are something that we are committed to preserving, while ensuring that Scots law remains a forward-looking and enabling environment for the technologies of tomorrow. That is what the bill is all about, and it will help us to achieve that. Therefore, I urge Parliament to support the general principles of the bill.