UK lawmakers in the House of Commons have voted to recognize crypto as a regulated financial instrument in the country.
The proposal, which was introduced by Parliamentarian Andrew Griffith, received the lower house’s approval after the second reading on Oct. 25.
Griffith’s proposal seeks to include crypto assets as part of services to be regulated by the proposed Financial Services and Markets Bill.
Consequently, crypto alongside payment stablecoins will be subject to the same regulatory provision as other financial assets contained in the Financial Services and Markets Act 2022.
Upon final passage into law, the UK Treasury department will be empowered to enforce regulation over the crypto market.
In the meantime, Griffith said that the Treasury will consult with relevant stakeholders to ensure that the framework will adequately maximize the benefits and address risks posed by crypto activities.
Crypto bills in the UK
UK lawmakers have been sitting on bills seeking to regulate crypto activities including stablecoins, marketing activities, and crypto-relates crimes.
Following the TerraLUNA collapse, the UK initiated a proposal in May to subject stablecoins to existing legislation for financial assets. The bill also proposed to bring crypto firms under the regulation of the Bank of England to prevent widespread insolvency.
By August 1, U.K.’s Financial Conduct Authority (FCA) submitted a proposal to ban marketing activities that promote investment in high-risk crypto assets.
The U.K parliament is also considering the Economic Crime and Corporate Transparency bill, to empower law enforcement agencies to freeze and seize crypto assets involved in money laundering crimes.
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