Britain would have the authority to regulate all cryptoassets under a proposal added to a draft law before parliament that will almost certainly pass.
Andrew Griffith, who was re-appointed as City Minister by Britain’s new Prime Minister Rishi Sunak on Thursday, proposed the amendment to the financial services and markets bill, which parliament has begun to approve.
The bill, as originally drafted, only gives the Financial Conduct Authority over stablecoins, but the amendment broadens the remit to include promotions for all cryptoassets.
“This new clause amends the Financial Services and Markets Act 2000 to clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets,” the amendment says in a parliamentary document dated Thursday.
If the government proposes an amendment, it will almost certainly become law.
It would bring Britain more in line with the markets of the European Union in cryptoassets law, which is currently being finalized and is regarded as the world’s first comprehensive set of rules to regulate the emerging crypto sector.
Separately, Bank of England Deputy Governor Sam Woods stated on Thursday that the central bank is working to develop a regulatory framework for systemic stablecoins. Non-banks and BoE-regulated banks will be able to innovate as a result, and a public consultation paper on the new regime will be published next year, according to Woods.
(Adapted from NDTV.com)