U.K. Govt. Amends Finance Regulatory Bill to Regulate Crypto Assets
Table of contents
U.K. to Introduce New Regulation For Cryptoassets
Minister of financial services Andrew Griffith proposed revisions and included a note to make it clear that cryptoassets and actions related to them can be subject to the same regulations as financial marketing and regulated actions. Additionally, the term "cryptoasset" is specified, with the option to change it.
The revisions will provide a more thorough regulatory framework for cryptocurrencies in the U.K. if approved. Specifically, it will give HM Treasury and the Financial Conduct Authority greater supervision authority.
FCA to Supervise Crypro Regulatory Framework
The FCA now controls most aspects of the U.K.'s crypto regulatory framework and makes decisions about the registration of crypto companies in accordance with stringent anti-money laundering standards.
On November 3, the bill's deliberations should come to an end. Changes to the program, however, might be expected given the commotion that followed the departure of Prime Minister Liz Truss on Thursday. The structure of the Financial Services and Markets bill already emphasizes stablecoins, and the expanded framework will bring the U.K. closer to the EU's thorough Markets in Crypto-Assets legislation.
U.K. Emerging as a Center of Crypto Technologies
In August, the FCA also took action over the promotion of high-risk financial products, and it was made clear that while the agency was not yet regulating crypto assets, they may be harmful. The nation's Advertising Standards Authority has stepped up its surveillance of advertising for cryptocurrencies.
The government is dedicated to making the United Kingdom a center for cryptocurrency technologies, according to Griffith's predecessor as financial secretary Richard Fuller, who made this statement in September. The Markets in Crypto-Assets bill was approved by the Committee on Economic and Monetary Affairs of the European Parliament on October 10. A full parliamentary vote is scheduled soon.