UK Intends to Regulate Cryptocurrencies as Financial Instruments
The House of Commons supported on October 25 amendments to the Financial Services and Markets Bill. In particular, the proposed changes include digital assets in the scope of regulated financial services.
Member of Parliament Andrew Griffith noted the innovation will allow the Treasury to quickly respond to developments in the industry and provide a “flexible” approach to supervision. According to him:
“The bottom line is to treat cryptocurrencies as just another form of financial asset and not favor them, and to bring them into the realm of regulation for the first time.”
One paragraph of the document clarifies that crypto assets may be subject to existing provisions of the Financial Services and Markets Act 2000. The amendments also govern UK-registered companies.
