UK Lawmakers Vote in Favour of Crypto
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An editor at Coincrop
26 Oct 2022 | 2 min read
he vote by members of the lower house of Parliament was to add crypto regulation via the proposed Financial Services and Markets Bill – which currently seeks to extend payment rules to stablecoins.ll
U.K. lawmakers voted to officially classify crypto assets as regulated financial instruments and products within the country.
On Tuesday, the House of Commons met to read and discuss line-by-line the proposed Financial Services and Markets Bill, which would broadly cover the U.K.'s post-Brexit economic strategy.
The parliamentarians deliberated on a list of potential changes to the bill, one being by Andrew Griffith to regulated cryptocurrency in the same way as other financial services.
"The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits and risks posed by crypto activities," Griffith said.
The rules still have to pass a few more hurdles before they become law, though. Next, the bill has to be approved by the House of Lords, the upper house of Parliament, and then given final consideration followed by royal approval by King Charles III.
MikeAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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