Virtual Asset Property

Definition ∞ Virtual asset property refers to the legal recognition of digital assets as a form of property, granting holders specific rights of ownership and control. This classification allows for virtual assets to be bought, sold, inherited, used as collateral, and subjected to legal enforcement actions. It establishes a fundamental legal basis for their treatment within the broader economy.
Context ∞ The legal classification of virtual assets as property is a crucial step for integrating them into traditional legal and financial systems globally. Jurisdictions are actively working to confirm this status, often through legislative amendments or judicial precedents. News reports often discuss the implications of such classification for taxation, insolvency proceedings, and the security of digital asset holdings.