UK House of Commons paves the way for crypto as regulated financial instruments

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Updated October 26, 2022 | Published October 26, 2022

2 mins read

Cryptocurrencies may soon be treated as regulated financial instruments following a vote in the House of Commons.

Moving forward, crypto assets have a better chance of being recognized as regulated financial instruments in the UK.

The vote came on Tuesday and coincides with the appointment of Prime Minister Rishi Sunak, a known friend to the industry.

The House of Commons met to wrap up the Financial Services and Markets Bill that was originally pitched by the newly elected prime minister.

The bill – which is hopefully going to become a law – features crypto regulation, although it’s mostly focused on covering the country’s post-Brexit strategy.

The bill was designed to extend existing regulations to payments-focused stablecoins, but the latest voting and approval is a step forward for the entire industry as it allows lawmakers and regulators to have a clear-cut starting point when dealing with cryptocurrencies.

The crypto provision in the bill is based on the concept of “crypto asset” which specifies that crypto assets can now be “brought within the scope of existing provisions” of the Financial Services and Markets Act of 2000.

MP Andrew Griffith confirmed that lawmakers will seek broader input by the industry and coordinate.

“The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits and risks posed by crypto activities”, he explained.

Nevertheless, there is more that needs to be done. The rules will need to undergo several revisions before they can actually make it into a law.

The bill has not been approved by the House of Lords, for example, which is another important milestone, and the draft’s next stop.

Last but not least, the amendments and the bill need to be sent to King Charles III for final approval. Regardless, the UK is making headway on its ambitions to be a cryptocurrency hub.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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