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Wednesday, December 07, 2022

The United Kingdom is preparing a law that seeks to regulate all cryptocurrencies

The United Kingdom is preparing a law that seeks to regulate all cryptocurrencies

Economist – Mexico City

The UK would have the power to regulate all crypto assets under a proposal that the UK’s Minister of Financial Services added to a bill that is before Parliament and will almost certainly pass.

Andrew Griffith, appointed this Thursday by British Prime Minister Rishi Sunak as the city’s new minister and economic secretary to the Treasury, introduced amendments to the services and financial markets bill, which parliament has begun to discuss.

The bill, as originally drafted, gives the Financial Conduct Authority the power to regulate only so-called “stablecoins”, but the amendment expands the powers to cover the promotion of all crypto assets.

“This new section amends the Financial Services and Markets Act of 2000 to clarify that powers relating to financial promotion and regulated activities may be applied to regulate cryptocurrencies and related activities,” the amendment said in a statement on Thursday. reads in parliamentary document.

The amendment introduced by the government means it will almost certainly become law.

This would bring the UK on par with the EU’s Crypto Asset Markets Act, which is being finalized, and is seen as the world’s first comprehensive regulations to regulate the emerging cryptocurrency sector.

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