Uk Lawmakers Vote to Regulate Digital Assets as Financial Instruments

October 26, 2022

Reading Time: 2 minutes

According to a statement released on Tuesday, the Uk lower house has voted in favor of recognizing digital assets as financial instruments and products.

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UK Lower House Voted Largely to Regulate Crypto Assets as Financial Instruments 

On Tuesday, the Commons met to discuss the proposed Financial Services and Markets Bill, a Bill that comprises the UK post-Brexit economic plans.

At the parliamentary meeting, the House of Commons looked into a list of proposed amendments, including the Bill proposed by parliamentarian Andrew Griffith to include digital assets in the UK regulated financial services.

The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies Tied to the value of other assets like the gold or US dollar.

“The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time,”  said Griffith during the meeting of the parliamentarians before the Commons voted largely in favor of keeping the amendment in the legislative package.

Rishi Sunak appointment as the new UK prime minister was warmly welcomed by the local crypto industry, the industry is as well excited regarding the efforts to give legal recognition to crypto assets in the country.

The crypto-friendly Sunak introduced the market bill and by extension the stablecoin rules when he was the UK finance minister under Boris Johnson.

The crypto provision relied on the definition of “crypto asset” inserted by a new clause 14, which “clarifies that crypto assets could be brought within the scope of the existing provisions” of the Financial Services and Markets Act 2000 relating to regulated financial activities, according to Griffith. The regulation could regulate cryptocurrency promotions and as well outlaw firms operating illegally in the country.

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