On October 25, the UK launched the Financial Services and Markets Bill, solidifying its vision for Bitcoin (
BTC

) cryptocurrencies and “digital means of payment” in the country.

The proposed bill proposes “a range of measures to maintain and strengthen the UK’s position as a global leader in financial services, ensuring that the sector continues to operate for individuals and businesses across the country.”

The bill confirms the UK’s intention to become a global center for cryptocurrencies, said Lisa Cameron, MP and Chair of the All Party Parliamentary Group on Crypto and Digital Assets. In an exclusive interview with Cointelegraph over the weekend, she explained that cryptocurrency is on the radar of lawmakers, although there is much to be learned.

The bill builds on existing measures to expand the regulatory framework for stablecoins and names “digital settlement assets” (DSA) as a new term, moving away from the use of “cryptoassets”. According to the UK government, “crypto assets use some form of distributed ledger technology (DLT)”, while DSA includes stablecoins “given their potential to become a widely accepted means of payment.”

The UK government has previously commented that there will be a “package of measures” to improve regulation and clarity around blockchain, cryptocurrencies and bitcoin.

Elsewhere, new prime minister Rishi Sunak has also shown interest in certain areas of cryptocurrency, such as his support for the creation of a non-functional Royal Mint token.

Rishi Sunak was a proponent of the first “Royal NFT Mint” which has yet to be implemented. Source: HMRC
The youngest leader, who took office at 10 Downing Street, is also a strong supporter of central bank digital currencies.

Related: UK Inflation Rate Hits 10.1%, UK Bitcoin Community Reacts

The recognition of cryptocurrencies and digital assets as financial instruments has not yet been enshrined in law. The bill must go through important milestones: the House of Lords will have to approve or amend the bill before the final royal assent of the new monarch, King Charles III.

Source: CoinTelegraph

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