New amendments to the Financial Services and Markets Bill could regulate crypto assets as well as stablecoins.

Legislators The House of Commons voted in favor of the MP proposal Andrew Griffith to bring cryptocurrency under the banner of regulated financial services.

FSM Bill Will Put Crypto Under Existing Law

The proposal is part of a list of amendments to the original bill that would create a form of payment governed by stablecoins. Proposal includes cryptocurrency under the Financial Services and Markets Act of 2000. Allows regulation of unauthorized advertising and corporate expulsion.

“The point here is to treat them [crypto] favors other forms of financial assets and discourages them, but also brings them into regulatory scope for the first time,” said Griffith.

The bill was introduced when Rishi Sunak is the Minister of Finance. So far, lawmakers have debated the bill in two sessions on 19 October 2022 and one on 25 October 2022.

Before passing, the bill must pass through the House of Lords and be subject to one more review, after which it can be signed into law by His Majesty King Charles III.

In similar news, South African Financial Sector Conduct Authority announced on October 19, 2022 that they would recognize cryptocurrencies as financial products with immediate effect.

Will Bitcoin have to be a hedge with the new PM?

News about possible regulations cryptocurrency comes shortly after the surge in the volume of transactions in pounds sterling on cryptocurrency exchanges.

After former British Prime Minister Liz Truss introduced unfunded tax cuts on 23 September 2022, British People Flood Exchanges To Buy Bitcoin With British Poundscausing transaction volume to increase 233% compared to August 2022. Currencies such as the US dollar.

defender from the start they promoted Bitcoin as a hedge against inflation as the coins are issued on a fixed schedule with a maximum supply of 21 million. But its correlation with stocks earlier this year has weakened that argument.

Also, Rishi Sunak’s recent appointment as the new Prime Minister of the UK could mean more conservative fiscal policy for the UK in the near term, meaning stability for the pound. Sunak opposes Truss’s unfunded tax cut policy.

The failure of economic policy justifies Sunak when it proved to be a disaster for the British economy. After becoming prime minister, Sunak promises “integrity, professionalism” and responsibilities at all levels of government that I lead.”

Crypto posting can be a regulated financial instrument in the UK first seen on BeInCrypto.

Continue reading on BeInCrypto