UK enacts law to regulate all cryptocurrencies

The UK would have the power to regulate all crypto assets under a proposal that the UK financial services minister has added to a bill, which is before Parliament and will almost certainly pass.

Andrew Griffithappointed again Minister of the City and economic secretary of the Treasury this Thursday by the British Prime Minister Rishi Sunakpresented the amendment to the bill on services and financial markets, which Parliament has begun to discuss.

The bill, as originally drafted, gives the Financial Conduct Authority powers to regulate only calls “stablecoins“, but the amendment expands the powers to cover the promotions of all crypto assets.

“This new clause amends the Financial Services and Markets Act of 2000 to clarify that powers relating to financial promotion and regulated activities may be invoked to regulate cryptocurrencies and activities related to them“, says the amendment in a parliamentary document dated Thursday.

The amendment tabled by the Government means that it will almost certainly become law.

This would bring the UK more on par with the European Union’s Crypto Asset Markets Act, which is being finalized, and which is seen as the world’s first comprehensive set of rules to regulate the emerging cryptocurrency sector.