coins Bitcoin, on a background of Great Britain and the British flag, concept of virtual money, close-up. Conceptual image of digital crypto currency.

UK lawmakers vote to regulate digital assets as financial instruments

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Lawmakers in the British Parliament’s lower house voted in favor of recognizing cryptocurrency assets as regulated financial instruments and products, according to a Tuesday statement

See related article: Markets: Bitcoin price back above US$20,000, Ether jumps as U.K. votes to regulate crypto

Fast facts

  • The update includes the bill’s first definition of “crypto asset” and could prohibit companies from promoting investment in crypto assets and require all crypto providers to be authorized by financial regulators within the country.
  • The Financial Services and Markets Bill must next proceed for its 3rd reading in the lower house of parliament before being passed to the upper house of for a final vote and approval.
  • The vote follows the swearing-in of Rishi Sunak as the country’s new prime minister on Monday. Sunak has previously expressed support for cryptocurrencies and the implementation of central bank digital currencies (CBDCs) when serving as finance minister under Boris Johnson’s administration. 

See related article: How will the crypto tax debate play out in the UK?

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