A Regulatory Framework For Cryptocurrency Activities Was Written Into An Amendment To The UK’s Financial Services Law

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Last Updated on October 24, 2022 by Bitfinsider

The Financial Services and Markets Bill is now being debated in the parliament of the United Kingdom. One of the amendments being considered would extend the law’s authority to regulate financial advertising and other activities to include crypto assets. Andrew Griffith, a member of parliament and the Financial Secretary to the Treasury, is the one responsible for drafting the amendment.

The law, which was proposed in July and has a total of 335 pages, went through its second reading in the House of Commons on September 7.

On August 9, the Financial Conduct Authority (FCA), which is the financial regulator for the United Kingdom, published a letter addressed to “Dear Chief Executive” in which it described its supervisory strategy over the “alternatives portfolio” of financial institutions. In the letter, it was said that after the Treasury formally formalizes legislation to put crypto assets into our remit, “We will issue final guidelines for the promotion of crypto assets.”

The FCA does not currently have authority over the majority of firms in the United Kingdom that are associated with cryptocurrencies; however, these companies do have the option of seeking for registration and will be required to do so in the following year.

In August, the Financial Conduct Authority (FCA) took action against the advertising of high-risk financial products and made a clear statement that crypto assets can be harmful, despite the fact that it has not yet begun to regulate them. The nation’s Advertising Standards Authority has begun taking a more active role in the policing of advertisements relating to cryptocurrencies.

Richard Fuller, who served as the financial secretary until Andrew Griffith was appointed to the position, declared in September that the government was dedicated to make the United Kingdom a “centre for crypto innovations.” The Markets in Crypto-Assets bill was approved by the Committee on Economic and Monetary Affairs of the European Parliament on October 10, and a vote by the entire parliamentary body is scheduled to take place soon.


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