The United Kingdom has drawn a step closer to becoming one of the most recognized crypto hubs in the world as the House of Commons, the Parliament, passed the amendment to the Financial Services and Markets Bill which seeks to regulate Bitcoin (BTC) and the cryptocurrency industry.
The Bill was initially proposed when Prime Minister Rishi Sunak was the Chancellor of the Exchequer, and it seeks to regulate stablecoins. During the Parliamentary meeting, Andrew Griffith, Conservative MP for Arundel and South Downs made a proposal to expand the scope of the Bill by including other crypto assets in the scope of regulated financial services in the UK.
“The substance here is to treat them crypto like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time,” Griffith said, adding that the new clause 14 in the bill, “clarifies that crypto assets could be brought…
