The recognition of cryptocurrency assets as regulated financial instruments was accepted on October 25 by the Chamber of Commons, the lower house of the British Parliament. Current legislation governing instruments with a payments-focused purpose will be expanded to include stablecoins as part of the proposed bill. The action follows the recent selection of Rishi Sunak as the new prime minister of the United Kingdom, who is seen as a proponent of cryptocurrencies.
The legislature accepts the amendments
The proposal, which aims to incorporate cryptocurrency assets into the upcoming Financial Services and Markets Bill, was introduced by parliamentarian Andrew Griffith. The legislators reached consensus on modifications that included regulating cryptocurrency assets to the planned Financial Services and Markets Bill, which is related to post-Brexit economic planning.
The U.K. Treasury department will be empowered to implement regulation over the cryptocurrency market as soon as the bill is passed. To make sure the framework maximizes cryptocurrency benefits and addresses risks in the interim, Treasury authorities will confer with the pertinent parties.
On the New Prime Minister
The action comes in response to a request for the UK government to make clear its promises to the cryptocurrency sector made by the All Party Parliamentary Group on Crypto and Digital Assets (APPG), which is led by Scottish National Party MP Lisa Cameron.
Cameron claimed in a written statement released on Tuesday that "U.K. crypto and digital asset enterprises badly need clarity about the U.K.'s approach to crypto legislation and for the government to deliver on its vision for the U.K. crypto sector."
There was significant uncertainty regarding the future of cryptocurrency in the UK when Sunak resigned from his role as chancellor in July 2022. But now that he is Prime Minister, it is anticipated that he will name a new Chancellor who agrees with his position on the UK's regulation of cryptocurrencies.
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The conclusion
The nomination of Prime Minister Sunak comes at a time when the nation is dealing with political and economic difficulties. He has not yet given his approval for his capacity to keep his job in the upcoming months.
The passage of the Financial Services and Markets Bill will take a long time. The House of Lords, the Parliament's upper house, will review the document first. If the measure is approved, King Charles III will then have the last say.