The idea marks another wave of acceptance for the UK’s Bitcoin, cryptocurrency, and digital asset industry.
On October 25, the Financial Services and Markets Bill made progress, solidifying the country’s vision for cryptocurrencies like Bitcoin (BTC tickers down $20,818) and “digital settlement assets.”
“A range of measures to sustain and enhance the U.K.’s position as a worldwide leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country,” the draft law reads.
According to Lisa Cameron, a member of parliament and the head of the Crypto and Digital Assets All-Party Parliamentary Group, the bill reasserts the U.K.’s ambition to establish itself as a major cryptocurrency centre. She explained that despite the need for much more education, cryptocurrency is on the minds of politicians.
The law expands upon current stablecoin regulating provisions and uses the term “Digital Settlement Assets” (DSA) in place of “crypto assets,” moving away from the use of the phrase “crypto assets.” The U.K. government claims that DLT is used by crypto assets, whereas stablecoins are included in DSA “given their potential to develop into a mainstream mode of payment,” according to the government.
The United Kingdom’s government previously stated that a “package of measures” targeted at enhancing regulation and clarity surrounding blockchain, cryptocurrency, and Bitcoin will be implemented.
Rishi Sunak, the incoming prime minister, has additionally showed interest in a few cryptocurrency-related topics, including his support for the development of a Royal Mint nonfungible coin.
The newest head of state to occupy No. 10 Downing Street has also made clear statements in favor of central bank digital currencies.
The legalization of cryptocurrencies and digital assets as financial instruments is still pending. Important conditions must be met for the measure to become law: Before the bill receives final royal sanction from the next monarch, King Charles III, the House of Lords will need to adopt or change it.