The initiative is yet another sign that the UK’s Bitcoin, cryptocurrency, and digital asset industries are gradually becoming more well-known.
On October 25, the Financial Services and Markets Bill played an important role, strengthening the country’s vision for the Bitcoin crypto 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 suggested bill 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 hub.
The bill expands upon current stablecoin regulating provisions and uses the term “Digital Settlement Assets” (DSA) in place of “crypto assets,” shifting away from the use of the term “crypto assets.”
The U.K. government believes that Distributed Ledger Technology (DLT) is used by crypto assets, whereas stablecoins are included in DSA “given their potential to develop into a mainstream mode of payment,”.
The United Kingdom’s government previously stated that a “package of measures” targeted at strengthening regulation and clarity surrounding blockchain, crypto, and Bitcoin will be implemented.
Rishi Sunak, the new prime minister, has additionally shown interest in several crypto-related topics, including his support for the creation of a Royal Mint nonfungible token.
The newest head of state to occupy No. 10 Downing Street has also made clear statements in favour of central bank digital currencies.
The legalization of cryptocurrencies and digital assets as financial instruments is still pending.
Important requirements must be met for the bill to become law: Before the bill receives final royal sanction from the next monarch, King Charles III, the House of Lords will be required to approve or change it.