Trading
Britain proposes regulation of all cryptoassets
Published by Jessica Weisman-Pitts
Posted on October 27, 2022
2 min readLast updated: February 3, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on October 27, 2022
2 min readLast updated: February 3, 2026
LONDON (Reuters) – Britain would have the power to regulate all cryptoassets under a proposal the
LONDON (Reuters) – Britain would have the power to regulate all cryptoassets under a proposal the UK financial services minister has added to a draft law before parliament that will almost certainly pass.
Andrew Griffith, re-appointed as City Minister on Thursday by Britain’s new Prime Minister Rishi Sunak, put forth the amendment to the financial services and markets bill, which parliament has begun approving.
The bill, as originally drafted, gives the Financial Conduct Authority powers to regulate stablecoins only, but the amendment broadens the remit to cover promotions for all cryptoassets.
“This new clause amends the Financial Services and Markets Act 2000 to clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets,” the amendment says in a parliamentary document dated Thursday.
An amendment put forward by the government means it will almost certainly get passed into law.
It would put Britain more on par with the European Union’s markets in cryptoassets law which is now being finalised, seen as the world’s first comprehensive set of rules to regulate the emerging crypto sector.
Separately on Thursday, Bank of England Deputy Governor Sam Woods said the central bank is moving forward to create a regulatory framework for systemic stablecoins. This will allow both non-banks and BoE-regulated banks to innovate, and a public consultation paper on the new regime will be published next year, Woods said.
(Reporting by Huw Jones; Editing by Lisa Shumaker)
A cryptoasset is a digital asset that uses cryptography for security and operates on a blockchain or decentralized ledger technology.
A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to a reserve of assets, such as fiat currency.
The Financial Conduct Authority (FCA) is a regulatory body in the UK responsible for overseeing financial markets and protecting consumers.
Financial promotion refers to any communication that invites or induces someone to engage in an investment activity.
A regulatory framework is a set of rules and guidelines established by authorities to govern financial markets and protect investors.
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