Key Points:
- Andrew Griffith, UK MP and Economic Secretary to the Treasury wants the Financial Services and Markets Bill passed by Easter.
- Recently, the measure was revised to incorporate provisions for crypto assets and stablecoins. The reforms, if passed, will give the Financial Conduct Authority (FCA) and HM Treasury new monitoring powers.
Andrew Griffith, a UK MP and Treasury economic secretary has stated that he wants to deliver the Financial Services and Markets Bill this year.
Griffith stated at City UK’s annual dinner on Thursday that he intended to have the bill on the books by Easter. The statute book is a record of all legislation that has been passed and enacted in the United Kingdom.
My ambition is for us to be the global financial hub – using our strengths to enhance strong relationships with jurisdictions all around the world, attracting investment and increasing opportunities for cross-border trade.
Griffith said in his speech
The measure was revised in October to include new provisions for crypto assets. The reforms, if passed, will give the Financial Conduct Authority (FCA) and HM Treasury new monitoring powers. The measure also focuses on stablecoins and will bring the United Kingdom closer to the European Union’s Markets in Crypto-Assets (MICA) regulation.
Crypto regulation is already mainly in the hands of the FCA, which decides on crypto business registrations based on anti-money laundering criteria. The proposed bill would give the FCA much more regulatory authority.
Earlier this week, the United Kingdom revealed its plans to regulate cryptocurrency trading and lending. The Treasury published a consultation paper outlining a new crypto regulatory framework that will include crypto service providers, financing platforms, consumer protection, coin issuance, and other topics. This framework will also give the FCA more authority.
The crypto sector has been generally supportive of the new framework proposal thus far, and it has until the end of April to provide comments on the paper.
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