The UK has set new rules regarding crypto in its finance regulation bill.
The country’s Financial Services and Markets bill is hosting changes in crypto regulations along with the financial sector.
UK Changes Crypto Regulation
The UK has also stepped into the crypto industry under its financial regulation bill.
If the new bill is passed, a more comprehensive regulatory framework for crypto will emerge. The Financial Conduct Authority and Treasury will have more oversight regarding the crypto sector.
Currently, most of the country’s crypto regulatory powers are in the hands of the FCA, which approves the registration of crypto companies. The regulator gives approval by looking at whether companies comply with money laundering measures.
The proceedings on the bill will conclude on November 3. There may be changes in the calendar due to the turmoil following the resignation of the country’s prime minister, Liz Truss, the other day.
The framework for the Financial Services and Markets bill focuses more on stablecoins. The broader framework will bring the UK closer to the EU’s crypto regulation.
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