Meeting of the Parliament 05 March 2026 [Draft]
I am pleased to speak in this stage 3 debate as a member of the Economy and Fair Work Committee, which has scrutinised the bill over recent months. I thank everyone who has provided evidence, as well as my fellow committee members and our clerks for their thoughtful work throughout the process.
Although it is a relatively short bill and the number of amendments was limited, it is vital that legislation in such a fast-moving and technical area receives careful scrutiny. As we move further into a digital age, clarity in the law becomes increasingly important. For that reason, Scottish Labour will support the bill today.
I start off in an unusual position, having agreed with the previous two speakers—one from the Government and one from the Conservatives.
Digital assets are becoming an essential part of Scotland’s economic landscape, as has been mentioned in the debate. Their importance and the opportunities that they bring will only continue to grow.
The Economy and Fair Work Committee supported the Scottish Government’s property law approach for defining digital assets as the best way of future proofing the definition. However, several stakeholders noted that the terminology and approach would not be familiar to those who work in the sector, which could make it difficult for those working with digital assets to ensure that the law applies to them in the way that they expected. That summarises the concerns that we discussed about the implementation and understanding of digital assets. When the bill is passed, we need to reflect on how to communicate it so that people understand how the law will work.
The stage 3 amendments that the minister lodged are particularly important in relation to the removal of the requirement for “exclusive control”. Those sensible amendments have improved the clarity of the bill. The concept of exclusivity is not necessary for establishing ownership, and removing it brings the law on digital assets more in line with how we treat physical property.
For legislation of this nature, it is crucial that the legal framework is understandable and workable. As Dr Alisdair MacPherson and Professor Burcu Yüksel Ripley have highlighted, Scotland has very limited legislation in relation to new forms of digital assets, so reform is needed to provide certainty for individuals, businesses and our courts.
The committee noted that the environmental impact of digital assets has not yet been fully considered. The minister acknowledged that that sits within a wider discussion about energy consumption and sustainable power sources, which are issues that apply to many emerging technologies, including artificial intelligence. As Scotland has significant renewable energy capacity, we should ensure that the development of digital assets aligns with our ambitions for net zero. Continued research into the environmental implications of such technologies is essential.
Digital assets have the potential to support our transition to net zero in practical ways. For example, the Scottish Government’s energy skills passport—launched as a digital platform to help workers to move from the oil and gas sector to the renewables sector—shows how digital tools can support workforce transition, but delays and limited uptake demonstrate the need for clearer systems and better integration. Our agreeing to a stronger legal framework for digital assets today might help to ensure that such initiatives are more effective in the future.
Ultimately, the bill’s purpose is to clarify the status of digital assets as property in Scots private law. Doing so will provide greater certainty for individuals, businesses, investors and the legal sector.
As new technologies emerge, new risks will inevitably follow. It will be the Parliament’s responsibility in future years to ensure that the law keeps pace. We need to use digital technologies in ways that are fair, transparent and beneficial for Scotland. Let us agree to pass the bill, because it will reflect progress.