UK Lawmakers Approve Vote to Include Crypto in the Proposed Financial Services and Markets Bill
Coindesk | Sandali Handagama | Oct 25, 2022
The lower house of the Parliament voted in favor of adding crypto to the scope of activities to be regulated via the proposed Financial Services and Markets Bill – which already seeks to extend payments rules to stablecoins.
See: Crypto-Friendly Rishi Sunak Becomes UK’s New Prime Minister
The House of Commons, the Parliament’s lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.’s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.
The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold.
“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 have quite a way to go before they are passed into law, however. Next, the bill has to go through the House of Lords, the upper house of the Parliament, before the amendments are given a final consideration followed by royal approval by King Charles III.
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