UK Votes In Favor Of Recognizing Crypto As Regulated Financial Instruments

UK Votes In Favor Of Recognizing Crypto As Regulated Financial Instruments

Recently, amidst the change of pro-crypto Rishi Sunak becoming their new Prime Minister, UK lawmakers in the House of Commons have also been making some extremely big pro-crypto decisions which could further push Sunak’s vision of the UK becoming a crypto innovation hub.

The Vote

It was recently revealed that the proposal to recognize crypto as a regulated financial instrument in the country was first introduced by Parliamentarian Andrew Griffith.

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,” Griffith reportedly said during the parliamentary meeting.

Related: UK’s New Prime Minister, Rishi Sunak On NFTs, Crypto & CBDCs!

This proposal, if followed through, will see cryptocurrencies as well as stablecoins to be subject to the same regulatory provision as other financial assets. Alongside that, this will also heavily impact unauthorized crypto firms. 

As of now however, the regulations have yet to get final permission from the House of Lords. Griffith explains that at the moment, the national Treasury will continue to consult the framework to analyze both the risks and benefits of cryptocurrencies.

Pro-Crypto UK?

With this new bill being proposed and a very obviously pro-blockchain and pro-crypto Prime Minister in office, many in the community are wondering whether this means that the UK will be making massive steps to become a more crypto friendly nation. 

Related: NOKIA Predicts The Smartphone Will be Replaced by The Metaverse In the Future

Just a few days ago, a video resurfaced of Prime Minister Rishi Sunak discussing his positive views on multiple blockchain technologies like CBDC’s, Cryptocurrencies and even NFTs. 

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