Andrew Griffith, a member of the U.K. Parliament and Economic Secretary to the Treasury, is determined to pass the Financial Services and Markets Bill by Easter. However, he made this announcement at City U.K.’s annual dinner on Thursday night. When passed into law, the bill will be added to the official record known as Britain’s statute book—an authoritative collection that chronicles all enacted legislation in The United Kingdom.
In his speech, Griffith expressed his aspiration for the U.K. to become the world’s financial center. Through this mission, he said that the U.K. would be able to draw investment and create more opportunities for international commerce.
Crypto regulation bill
Last October, the bill was revised with new regulations for crypto assets. The legislation also focuses on stablecoins while bringing the U.K. closer alignment to E.U.’s Markets in Crypto-Assets (MICA) regulation.
The FCA has full authority to regulate crypto firms through their compliance with anti-money laundering laws. But now, a new bill will grant the FCA an even higher degree of control and administrative power.
New crypto regulatory framework
This week, the U.K. revealed a comprehensive crypto regulatory framework that will regulate all aspects of trading and lending in cryptocurrency. The Treasury’s consultation paper outlined how this new structure would cover service providers, consumer protection measures, loan platforms, and more. It also emphasized increased authority for the Financial Conduct Authority (FCA). This innovative plan will revolutionize domestic investment opportunities by providing additional oversight while allowing individuals to access cryptocurrencies safely.
The crypto industry is already on board with the new framework proposal and has until the end of April to provide feedback.
“We just revealed a detailed consultation outlining our plans for regulating this sector— it possesses an incredible potential that we want to get right, so we’re keenly awaiting your insights. It’s time to take advantage of this highly anticipated moment in history; let us know what you think. Innovation is the key to this endeavor, and we will position the U.K. as a global leader in financial services by embracing change and staying ahead of the curve.”Andrew Griffith