News

Amendment To UK Financial Services Bill Addressed Crypto Regulation

Following the publication of an amendment document on Friday, the UK’s Financial Services and Markets bill now includes fresh changes aimed at regulating cryptocurrency and prohibiting illegal service providers.
Amendment To UK Financial Services Bill Addressed Crypto Regulation 3

Andrew Griffith, the minister of financial services, proposed revisions and included a note to highlight that the authorities relating to financial promotion and regulated activities can be used to control cryptoassets and cryptoasset-related activities. Cryptoasset is also defined, with the ability to change the definition.

The revisions will provide the United Kingdom with a complete regulatory framework for cryptocurrency if approved. It will provide the Financial Conduct Authority and HM Treasury with increased supervision powers.

Currently, the FCA has most of the UK’s crypto regulatory authority, deciding on crypto business registrations based on strong anti-money laundering regulations.

Amendment To UK Financial Services Bill Addressed Crypto Regulation 4

The bill’s processes should be completed on November 3. However, given the upheaval caused by Prime Minister Liz Truss’ departure on Thursday, adjustments to the program are possible.

The structure of the Financial Services and Markets bill already focuses on stablecoins, and the larger framework will bring the United Kingdom closer to the EU’s full Markets in Crypto-Assets (MiCA) legislation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

5 hours ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

7 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

7 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

8 hours ago

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

9 hours ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

9 hours ago

This website uses cookies.