In the UK, they equate cryptocurrencies with financial instruments

In the UK, they equate cryptocurrencies with financial instruments

On October 25, the House of Commons (Lower House of UK parliament) supported amendments to the bill on financial services and markets. In particular, the proposed changes include digital assets in the sphere of regulated financial services.

Member of the parliament Andrew Griffith noted that the innovation will allow the treasury to respond quickly to the events in the industry and provide a “flexible” approach to supervision.

“The bottom line is to treat them [cryptocurrencies] as another form of financial assets and not give them preference, as well as to include them in the sphere of regulation for the first time,” Coindesk quotes the words of Griffith.

One of the points of the document clarifies that crypto acts may fall under the existing provisions of the law on financial services and markets of 2000. Amendments also regulate the activities of companies registered in the UK.

“The treasury will consult about its approach with the industry and interested parties before using the powers to make sure that the structure reflects the unique advantages and risks associated with cryptocurrency,” said a member of the parliament.

The term DSA included stablecoins, “taking into account their potential for turning into a widespread payment tool”.

The draft law on financial services and markets was submitted to the UK parliament in July.

John Canliff’s previously Contribution Bank proposed to regulate cryptocurrencies by analogy with traditional finances.

Recall, on October 25, the ex-head of the Treasury and a supporter of digital assets Rishi Sunak became the new Prime Minister of Great Britain.

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