With the House of Commons, now the Parliament, the United Kingdom is closer to becoming one of crypto’s most recognized hubs around the world. passed The Financial Services and Markets Bill amendment, which seeks to regulate Bitcoin (BTC) and the crypto industry.
The bill, originally introduced by Prime Minister Rishi Unak, was Chancellor at the Exchequer. It aims to regulate stablecoins. Andrew Griffith (Conservative MP for Arundel & South Downs) proposed expanding the Bill’s reach by including crypto assets in the UK’s regulation of financial services.
Griffith stated that “the substance is to treat them crypto as other forms of financial assets” and that they should not be preferred. Griffith also said that the new clause 14 of the bill “clarifies that crypto assets can be brought within the scope the existing provisions” under the Financial Services Act 2000.
The amendments were supported by MPs, and the bill is now due to be presented to House of Lords. If the bill passes there, King Charles III will have to sign it so that it can be enshrined into law.
The excitement over the UK’s plans to regulate Bitcoin as an instrument of financial payment has sent chills down the digital currency industry. As evidenced by the Bitcoin price, which is currently at $20,561.77, Bitcoin has risen 5.97% to the date of writing. per Data taken from CoinMarketCapEthereum’s value is $20,561.77. This is an increase of 11.21%.
Market observers already see signs that Rishi Sunak will be bullish about crypto. His positive attitude towards the industry while serving in Boris Johnson’s government. However, the timeline is still unknown.