UK parliament proposes a bill to regulate crypto assets

A new UK amendment to the Financial Services and Markets Bill might regulate crypto assets such as Bitcoin in addition to stablecoins.

The House of Commons approved a motion by parliament member Andrew Griffith to put cryptocurrency under the umbrella of regulated financial services.

The suggestion was one of several changes to the original draft that would make stablecoins regulated payment forms.

The proposal incorporates cryptocurrency into the framework of the Financial Services and Markets Act of 2000. It enables advertising regulation and the expulsion of illegitimate businesses.

The measure was introduced during the tenure of Rishi Sunak as Chancellor of the Exchequer. So far, the measure has been considered in two sittings, one on Oct. 19, 2022, and one on Oct. 25, 2022.

Before becoming law, the bill must pass through the House of Lords and be subjected to one more examination before being signed into law by His Majesty King Charles III.