UK Proposes Regulatory Amendment for Crypto Assets
UK Proposes Regulatory Amendment for Crypto Assets
The United Kingdom is advancing a significant amendment to its Financial Services and Markets Bill, targeting the regulation of crypto assets. This proposed change, introduced by Andrew Griffith, Member of Parliament and Financial Secretary to the Treasury, seeks to expand the bill's regulatory powers to cover financial promotions and activities involving crypto assets.
Key Details of the Amendment
The amendment is part of a broader 335-page bill that was introduced in July and underwent its second reading in the House of Commons on September 7. The proposed changes aim to bring crypto assets under the same regulatory framework as traditional financial instruments, ensuring greater oversight and consumer protection.
Implications for the Crypto Industry
This move signals the UK's intent to establish a more comprehensive regulatory framework for digital assets. By extending existing financial regulations to crypto, the amendment could enhance transparency, reduce risks, and provide clarity for businesses and investors operating in the crypto space.
Next Steps
The bill is currently progressing through the parliamentary process, with further debates and potential revisions expected. If passed, the amendment would mark a significant step in the UK's efforts to regulate the rapidly evolving crypto market.
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