UK authorities recognize crypto assets as financial instruments

The bill includes the government's comprehensive economic strategy for the post-British exit from the European Union

26.10.2022 - 15:15

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1 min

What’s new? The UK authorities approved the inclusion of cryptocurrency assets in the Financial Services and Markets Bill. This involves recognizing crypto assets as regulated financial instruments. The document represents the government's comprehensive economic strategy for the post-British exit from the European Union.

Link to the bill

How did the developments develop? Legislator Andrew Griffith proposed the inclusion of crypto assets as regulated financial services during the House of Commons. Prior to this amendment, the document already contained mechanisms aimed at regulating stablecoins.

Crypto regulation would extend to unauthorized firms operating in the UK Griffith's proposal would allow the Treasury to introduce regulatory mechanisms in a timely manner as the cryptocurrency market evolves.

In April, former finance minister and current UK prime minister Rishi Sunak took the initiative to create and issue NFTs at the Royal Mint. In mid-October, it became known that the UK government would make it easier for law enforcement agencies to seize cryptocurrency assets that had been used to finance terrorism.

Earlier, the government passed a bill that would use blockchain as a document storage solution. It would make digital records legally recognized, reduce administrative costs and facilitate cross-border payment processes for British firms.

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