The proposal is another wave of recognition for the Bitcoin, cryptocurrency and digital asset industries in the UK.
The UK is on the Financial Services and Markets Bill on October 25, its vision for Bitcoin is difficult.
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cryptocurrency and “digital settlement assets” in the country.
The proposed bill proposes “a range of measures to maintain and enhance the UK’s position as a world leader in financial services, ensuring that the sector continues to serve individuals and businesses across the country.”
The bill confirms the UK’s intention to become a global cryptocurrency hub, comments echoed by Lisa Cameron, Member of Parliament and chair of the All-Party Parliamentary Group on Cryptocurrencies and Digital Assets. In an exclusive interview with Cointelegraph over the weekend, she explained that crypto is on the radar of lawmakers, though there is a lot of training to be done.
The bill builds on existing measures to expand stablecoin regulations and mentions “Digital Settlement Assets” (DSAs) as a new term, away from the use of “crypto assets.” According to the UK government, “crypto assets use a form of distributed ledger technology (DLT),” while DSA includes stablecoins, “because of their potential to become a widespread means of payment.”
The UK government had previously commented that there is a “package of measures” to improve regulation and clarity around blockchain, crypto and bitcoin.
On the other hand, the new Prime Minister, Rishi Sunak, has also expressed interest in certain areas of cryptocurrencies, such as his support for the creation of a non-fungible Royal Mint token.
Rishi Sunak was a supporter of the first “Royal Mint NFT”, which has yet to materialize. Source: HMRC
The youngest leader to take office at 10 Downing Street also expresses his support for central bank digital currencies.
Related: UK Inflation Rate Hits 10.1%, UK Bitcoin Community Reacts
The recognition of crypto and digital assets as financial instruments has yet to become law. The bill must pass a crucial step: The House of Lords will need to approve or amend the bill before final royal assent by the new monarch, King Charles III.
