Andrew Griffith, member of Parliament and financial secretary to the treasury in the United Kingdom, wrote an amendment to the Financial Services and Markets Bill before Parliament.
On September 7, a 335-page bill was introduced in the House of Commons, which amended the financial services and markets bill extending its power to regulate financial promotion and other activities related to crypto assets. The bill has addressed stablecoin regulation since the start; the amendment, if passed, will include all crypto assets. In the same month Richard Fuller, former financial secretary to the treasury, said that the government wanted to make the country a growing hub for crypto technologies.
Earlier this year, the Financial Conduct Authority (FCA), the regulatory body in the UK, published a letter in the name of the state executive detailing its plan of supervision over the apparent alternative portfolios of the financial firms.
The letter further mentioned the regulatory body’s intention to publish final rules for promoting crypto assets after the Treasury passes formal legislation, including them under its authority. As of July, the digital assets in the country came under data objects as per the property laws.
Presently, FCA doesn’t enjoy the control of regulating crypto-related businesses; however, they have the option of applying for registration next year. The registration currently deals with anti-money laundering and counterfeiting, the financing of terrorism measures, and poses significant challenges to many applicants.
The country’s advertising legal authority has been very proactively monitoring crypto-related advertisements. In August, The FCA also took action on advertising high-risk financial products and acknowledged that crypto assets could be risky; however, it was not regulating them.
Another crypto-related bill was presented before the House of Commons in September, seeking to tighten the authority to confiscate illegally obtained Crypto. The European Parliament Committee on Economic and Monetary Affairs on October 10 also passed the Markets in Crypto-Assets (MiCA) bill, and the complete parliamentary voting is expected soon.