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UK recognizes cryptocurrencies as financial instruments



The lower house of the British Parliament has voted to recognize digital assets as regulated financial instruments. The vote passed and must now be considered by lawmakers before becoming official.

Image of the scales of justice with cryptocurrency and the flag of the United Kingdom behind it.

On October 25, the lower house of the Parliament of the United Kingdom voted to approve the revision of a new bill and include a number of amendments focused on expanding regulatory oversight of digital assets in the country.. The bill to be revised in question would be the one related to “.Financial Services and Markets.“.

The inclusion of these new amendments is intended to help regulate digital assets and recognize them as financial instruments. Andrew GriffithFinancial Services Minister Andrew Griffith commented on the revised draft as follows:

The revised bill will help clarify that powers related to financial promotion and regulated activities can be used to regulate cryptoassets and related activities.“.

The vote was passed by the lower house of parliament on the same day, the 25th, but this is not the last step before the revision is approved. TIf it is approved, the proposal will have to undergo further review by legislators and regulators.. If finally approved, the new law will will expand the regulatory framework focused on cryptocurrency regulation. and granting more supervisory powers to the Financial Conduct Authority (FCA) and the Treasury. Currently, the FCA is limited to determining AML requirements when deciding on cryptocurrency company registrations.


Before review, the Financial Services and Markets Bill already includes a number of amendments related to digital assets.. These amendments mainly concern the stable currencies and the broader regulatory framework that brings the United Kingdom closer to European Union countries.EU global regulation of crypto-asset markets..

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