By clarifying rights to ownership, the Digital Assets (Scotland) Bill enables individuals and businesses to trade and invest “with more confidence”.

Scotland’s financial technology sector is now worth £14 billion to the Scottish economy. It has grown from 26 companies in 2018 to more than 260 in 2026, including those directly involved in developing digital assets.

Speaking after the legislation was approved by the Scottish Parliament, business minister Richard Lochhead said: “Digital assets are used for a wide range of purposes – from payments and investments to innovative financial products and services by businesses and individuals.

“As they become more integrated into our financial markets, providing greater legal certainty for those who invest in, trade and own them is increasingly important.

“The Digital Assets (Scotland) Bill supports the fast-changing digital economy and helps ensure Scotland remains an attractive destination for financial technology companies, enabling them to continue innovating and driving economic growth.”

Associate at law firm CMS Euan Reid said: “The bill being passed is welcome news for Scotland and its continuing role within the digital assets markets and as a technology hub. It clarifies the law for legal practitioners and market participants, providing legislative recognition of digital assets.

“The new legislation is technology neutral, providing flexibility for future technological advances and allowing Scots law to keep pace with other jurisdictions.”