The UK’s financial services minister has proposed adding regulation of all cryptoassets to a bill already before parliament, which is highly likely to be passed.
City Minister Andrew Griffith of Britain proposed the change to the Financial Services and Markets Bill, which is currently undergoing approval in parliament.
The Financial Conduct Authority is only given authority to regulate stablecoins under the bill as it was initially written, but the change expands that authority to include promotions for all cryptoassets.
Sam Woods, the deputy governor of the Bank of England, stated that the institution is moving forward with the development of a regulatory framework for systemic stablecoins.
This will enable both non-banks and banks governed by the BoE to innovate, and according to Woods, a public consultation paper on the new regime will be released the following year.
In a parliamentary document, the amendment states that “this new clause changes the Financial Services and Markets Act 2000 to clarify that the powers relating to financial promotion and regulated activities can be relied upon to control cryptoassets and actions relating to cryptoassets.”
It would bring Britain closer to parity with the markets of the European Union in the cryptoassets legislation that is currently being finalized and is regarded as the first complete set of regulations for the nascent cryptocurrency industry.
If the government proposes a change to existing law, there is a very good chance that the change will be made official.
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