Crypto Assets Could Become Regulated Financial Instruments in the U.K.

2022-10-26 01:47

A new amendment to the Financial Services and Markets Bill could regulate crypto assets like Bitcoin alongside stablecoins.

Lawmakers in the House of Commons voted in favor of a proposal by parliament member Andrew Griffith to bring crypto under the banner of regulated financial services.

FSM Bill would place crypto under existing Act

The proposal was part of a list of amendments to the original bill that would make stablecoins regulated payment forms. The proposal brings crypto under the Financial Services and Markets Act 2000 framework. It allows ads to be regulated and unauthorized companies to be given the boot. 

“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.

Source: U.K. Parliament

The bill was introduced while Rishi Sunak was the Chancellor of the Exchequer. So far, the lawmakers have debated the bill in two sittings on Oct. 19, 2022, and one on Oct. 25, 2022. Before being passed into law, the bill must go through the House of Lords and be subject to one more review, after which it can be signed into law by His Majesty King Charles III.

In similar news, South Africa’s Financial Sector Conduct Authority announced on Oct. 19, 2022, that it would recognize crypto as a financial product with immediate effect.

Will Bitcoin need to be a hedge with new PM?

The news of the possible regulation of crypto comes soon after a spike in sterling transaction volume on crypto exchanges. After former British Prime Minister Liz Truss introduced unfunded tax cuts on Sep. 23, 2022, Britons flooded exchanges to buy Bitcoin with sterling, causing transaction volume to spike 233% compared to Aug. 2022. The spike came with the pound struggling against major global currencies like the U.S. dollar.

Advocates early on touted Bitcoin as a hedge against inflation because the currency is issued on a fixed schedule with a maximum supply of 21 million. But its correlation with equities earlier this year has weakened that argument. Furthermore, the recent appointment of Rishi Sunak as the new U.K. Prime Minister could mean more conservative fiscal policies for the U.K. in the near future, meaning stability for the pound. Sunak opposed Truss’s unfunded tax cut policies. The failure of the economic policy vindicated Sunak when it proved disastrous for the U.K. economy. After he became Prime Minister, Sunak promised “integrity, professionalism, and accountability at every level of the government I lead.”

Got something to say about this bill or anything else? Join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

The post Crypto Assets Could Become Regulated Financial Instruments in the U.K. appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial assets crypto could instruments regulated alongside

financial assets → Результатов: 126


What Transpired from a Group of Crypto Executives Secret Meeting in January? Bloomberg Reports

Like any emerging industry, crypto has been forced to be very collaborative in its efforts to gain worldwide adoption and increase its share in the global financial market. For this to happen, digital assets and tokens will have to inevitably become commonplace in the global financial markets in the same way other financial assets are […]

2019-4-26 18:28


Bitcoin [BTC]: Financial Crime Enforcement Network raises penalty on trader for violating banking norms

The number of illegal activities in the world of digital assets has always kept law enforcement agencies on their toes. New reports revealed that the Financial Crime Enforcement Network [FinCEN] of the United States has penalized Eric Powers, a peer to peer Bitcoin [BTC] trader for violating the Bank Secrecy Act and its sub-clauses, including, […] The post Bitcoin [BTC]: Financial Crime Enforcement Network raises penalty on trader for violating banking norms appeared first on AMBCrypto.

2019-4-20 22:30


‘Distributed ledger technology solves more problems than linear networks’, claims JPMorgan official

The integration of the cryptocurrency market with the mainstream financial market has been a priority ‘numero uno’ for luminaries in the world of digital assets. The goal has been slowly getting traction as many mainstream institutions are partnering with cryptocurrency companies or they themselves are creating their own set of tokens and distributed ledger technologies.

2019-4-12 02:00


Фото:

Unlicensed Bitcoin Reseller Obtaining BTC from Bitfinex Faces Two-year Prison Sentence

Bitcoin users have often been a target for law enforcement agencies and governments. In the United States, that scrutiny is even bigger compared to most other countries around the world. One 22-year-old Bitcoin trader has now been sentenced to two years in prison and forfeiting financial assets for trading and selling Bitcoin in an unlicensed […] The post Unlicensed Bitcoin Reseller Obtaining BTC from Bitfinex Faces Two-year Prison Sentence appeared first on NullTX.

2019-4-10 11:16