UK lawmakers voted to include recently added amendments that expand the regulatory oversight of crypto assets in a major finance bill.
The revised bill will help clarify that powers relating to financial promotion and regulated activities can be relied on to regulate crypto assets and activities relating to crypto assets, Andrew Griffith, financial services minister, said on Oct. 21, when the amendments were first added. The bill also defines what a crypto asset is, Griffith said.
The vote on the Financial Services and Markets Bill passed in the UK’s lower house of parliament on October 25 and now faces further rounds of scrutiny from lawmakers. If passed into law, the additional amendments will give the UK a more comprehensive regulatory framework for crypto. Specifically, it will provide the Financial Conduct Authority and HM Treasury with more oversight powers.
Currently, the UK’s crypto regulatory powers are largely in the hands of the FCA, which decides on the registrations of crypto firms according to strict anti-money laundering requirements.
The Financial Services and Markets bill’s framework already focuses on stablecoins, and the broader framework will tie the UK closer to the EU’s comprehensive Markets in Crypto-Assets regulation.
