The last several months have witnessed a decrease of the UK economy. The crisis led to great concern among citizens, and Prime Minister Liz Truss’s resignation on October 20, 2022.
Rishi Sunak, the current Prime Minister of the UK, is aiming to make the UK a crypto innovation hub, a pioneer in mainstream adoption. Following the new path, lawmakers in the UK are voting on officially bringing cryptocurrencies into the economy, making them regulated financial instruments and products.
The Parliament's House of Commons approved the measure. A line-by-line reading of the proposed Financial Services and Markets Bill was the major subject of discussion. The bill also covered Andrew Griffith's proposal to classify bitcoins as regulated financial services. The regulatory information necessary to include stablecoins is included in the bill.
Griffith, the Financial Secretary to the Treasury & City Minister, share the thoughts:
“The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time.”
If the crypto legislation is put into effect, it will offer regulatory monitoring for cryptocurrency advertising and have an effect on unauthorized cryptocurrency businesses.
What do you think about the future of the UK once cryptocurrency steps in? Will the economy be able to break out of this long crisis?
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