Crypto Assets Will Be Regulated In The UK
0Legislation would bring stablecoins under the Financial Services and Markets Act 2000 framework. The bill was introduced while Rishi Sunak was the Chancellor of the Exchequer. Before being passed into law, the bill must go through the House of Lords and be subject to one more review. Advocates early on touted Bitcoin as a hedge against inflation because the currency is issued on a fixed schedule with a maximum supply of 21 million. But its correlation with equities earlier this year has weakened that argument.
Furthermore, the recent appointment of Rishi Sunak as the new U.K. Prime Minister could mean more conservative fiscal policies for the U.K. in the near future, meaning stability for the pound. Sunak opposed Truss's unfunded tax cut policies. The failure of the economic policy vindicated Sunak when it proved disastrous for the U.K. economy. After he became Prime Minister, Sunak promised "integrity, professionalism, and accountability at every level of the government I lead."" The bill was introduced while Rishi Sunak was the Chancellor of the Exchequer. So far, the lawmakers have debated the bill in two sittings on Oct. 19, 2022, and one on Oct. 25, 2022. Before being passed into law, the bill must go through the House of Lords and be subject to one more review, after which it can be signed into law by His Majesty King Charles III.
Source: https://beincrypto.com/crypto-assets-could-become-regulated-financial-instruments-in-the-u-k/
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