This week, there is a wind blowing in favor of the crypto universe. Rishi Sunak, Boris Johnson’s former finance minister and an outspoken crypto pro, has become the country’s prime minister. A bill in favor of the regulation of financial instruments, which he introduced when he was a minister, received the approval of the House of Lords. The text includes an amendment in favor of crypto. Decryption.
A Decisive Step Towards True Crypto Regulation
On Tuesday in the UK, the House of Commons voted to recognize crypto as a regulated financial instrument. Thus, digital assets will be included in the Financial Services and Markets Bill. A backbone of the country’s post-Brexit economic strategy. As a reminder, this amendment was proposed by MP Andrew Griffith, who welcomed the information.
The bill already included measures to extend existing regulations to payment-oriented stablecoins. Ultimately, this law will provide an in-depth framework for the sector and will affirm the illegal nature of unauthorized companies. The country will then be one of the best-equipped jurisdictions in the world to oversee developments in the sector.
“ The substance of the measure is to treat crypto like other forms of financial assets, but also to bring them within the scope of regulation for the first time.”, Griffith said at the House meeting, before lawmakers overwhelmingly voted to keep the amendment in the legislative framework. And to continue: “Including crypto within the scope of the bill will ensure that the nation’s Treasury is equipped to respond quickly to developments in the crypto sector and provide regulation in an agile manner that is consistent with the country’s broader approach to regulating the financial services sector”.
Despite this advanced remarkable, there is still a long way to go towards regulation. The text must obtain the visa of the House of Lords, before the amendments are subject to a final examination. It is thereafter that we will have to wait for its promulgation by King Charles III.
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