Following the publication of an amendment document on Friday, the UK’s Financial Services and Markets bill now includes fresh changes aimed at regulating cryptocurrency and prohibiting illegal service providers.
Andrew Griffith, the minister of financial services, proposed revisions and included a note to highlight that the authorities relating to financial promotion and regulated activities can be used to control cryptoassets and cryptoasset-related activities. Cryptoasset is also defined, with the ability to change the definition.
The revisions will provide the United Kingdom with a complete regulatory framework for cryptocurrency if approved. It will provide the Financial Conduct Authority and HM Treasury with increased supervision powers.
Currently, the FCA has most of the UK’s crypto regulatory authority, deciding on crypto business registrations based on strong anti-money laundering regulations.
The bill’s processes should be completed on November 3. However, given the upheaval caused by Prime Minister Liz Truss’ departure on Thursday, adjustments to the program are possible.
The structure of the Financial Services and Markets bill already focuses on stablecoins, and the larger framework will bring the United Kingdom closer to the EU’s full Markets in Crypto-Assets (MiCA) legislation.
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