The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, toughening its view on the Bitcoin (BTC) cryptocurrency and “digital settlement assets” in the country.
The suggested bill proposes “a series of measures to maintain and enhance the UK’s position as a world leader in financial services,ensuring that the sector continues to offer to individuals and businesses across the country.”
The bill reaffirms the UK’s intention to become a global cryptocurrency hub, comments echoed by Lisa Cameron, Member of Parliament and Chair of the Multi-Party Parliamentary Group on Cryptocurrencies and Digital Assets. In an exclusive interview with Cointelegraph over the weekend, he explained that cryptocurrencies are on the radar of lawmakers, though much remains to be done on education.
The bill builds on existing measures to expand stablecoin regulation and mentions “Digital Settlement Assets” (DSA) as a new term, moving away from the use of “crypto assets.”. According to the UK government, “crypto assets use some form of distributed ledger technology (DLT),” while DSA includes stablecoins, “given their potential to become a widespread means of payment.”
The UK government had previously commented that there will be a “package of measures” aimed at improving regulation and clarity around blockchain, cryptocurrencies and Bitcoin.
On the other hand, the new prime minister, Rishi Sunak, has also expressed his interest in certain areas of cryptocurrencies, such as his support for the creation of a non-fungible Royal Mint token.
The youngest leader to take office at 10 Downing Street has also voiced support for central bank digital currencies.
The recognition of crypto assets and digital assets as financial instruments has not yet become law. The bill must pass crucial steps: The House of Lords will be required to approve or amend the bill before final royal approval by the new monarch, King Charles III.
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