The UK House of Commons has voted to recognise crypto assets as regulated financial instruments in the country. The proposal received the lower house’s approval after the second reading. This proposal seeks to include crypto assets as part of services to be regulated by the proposed Financial Services and Markets Bill. This means that crypto will be subject to the same regulatory provisions as other financial assets contained in the Financial Services and Markets Act 2022. Upon final passage into law, the UK Treasury department will be empowered to enforce regulation over the crypto market. The Treasury also plans to consult with relevant stakeholders to ensure that the framework will adequately maximise the benefits and address risks posed by crypto activities.
Sources: https://cutt.ly/pNlcJ9W
