UK proposes full regulation of crypto assets | money future

The bill, in its original form, empowers the Financial Conduct Authority to regulate only stablecoins, but the amendment extends the mandate to all cryptocurrencies. The amendment states that “This new provision amends the Financial Services and Markets Act 2000 to clarify that powers relating to financial promotion and regulating activities may be used for crypto and crypto-related activities.”

The government’s amendment means it will almost certainly be passed into law, potentially putting the UK on a par with EU markets in the crypto law that is now being finalized. The legislation is seen as the world’s first comprehensive set of rules to regulate the emerging cryptocurrency sector.

Separately on Thursday, BoE Vice President Sam Woods said the central bank is moving towards creating a regulatory framework for systemic stablecoins, allowing financial technology and BoE-regulated institutions to innovate, and a public consultation document on the new rule will be published after that. General, Woods said.