This October 25, The lower house of the British Parliament has taken an important step towards recognizing cryptocurrencies as regulated financial instruments.through a bill, just after the appointment of Rishi Sunak as the new Prime Minister of the United Kingdom, who expressed his desire to create a stable digital currency for the country in April 2021.
Bill for the regulation of cryptocurrencies in the UK
Said bill takes into account digital payment methodologies led by stable currencies and proposes the creation of a series of measures whose objective is to improve the position of the United Kingdom as a leading country in financial services worldwide betting on the benefits offered by blockchain technology and cryptocurrencies. A vision that has been on the table since April 2021 when the newly appointed Prime Minister, Rishi Sunak proposed that the Bank of England and her majesty’s treasury create a working group to assess the creation of a central bank digital currencya year later, it seems that his request could become a reality and thus make the United Kingdom a “global hub for crypto assets”.
Current status of the bill
The bill has been presented by MP Andrew Griffith, where it is sought to include cryptocurrencies in the Financial Markets and Services Bill at a time when the country faces significant economic and political challenges. Nevertheless, It is important to note that said bill has not yet entered into force.it will be a long time before the Financial Services and Markets Bill becomes law, because first, the draft will go to the upper house of Parliament, the House of Lords, and then it could go to the final approval of the King Charles III.
As soon as the law is passed, the UK Treasury Department will be able to enforce regulation on the crypto market. In the meantime, Treasury officials will consult with relevant stakeholders to ensure the framework maximizes the benefits of cryptocurrencies and addresses the risks.
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