RE: UK bill classifies crypto as property - the economic implications
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Sadly, the UK government has proven time and time again by it's actions rather than wishy-washy words that it is utterly hostile to crypto. The existing tax rules already work against it, by treating the profit on every transaction (or at least the ones they can find out about...) as a taxable event and making loss-making transactions hard to claim back, rather than looking at the overall impact of gains and losses over a tax year.
Recognising crypto as property is likely to be a first step down a slippery path.
I expect it to be a requirement to declare crypto holdings in tax returns (possibly detailed by each individual asset). This means the government has a register of all crypto held by UK citizens, especially if exchanges are compelled to provide information.
This could then be used to expropriate holders in the same way they can seize or freeze bank accounts. In a worst case scenario they could make it mandatory to convert crypto assets to government-issued CBDC ones.
I was really worried about this aspect of the whole thing. Wanting to know all your crypto holdings and transactions in order to tax it is some form of censorship. Then as a property, they coul confiscate crypto wallets or force exchanges to freeze accounts. Honestly, it looks like another veiled attempt to regulate crypto in the UK. Sad.