UK House of Commons votes in favor of cryptocurrency amendment

British lawmakers have come out in favor of regulating cryptocurrencies on the basis of existing legislation.
Today, October 25, the U.K. House of Commons voted in favor of a cryptocurrency amendment to the pending Financial Services and Markets Bill. Under the proposed addition, cryptocurrencies would have to be treated as regulated financial instruments and products in the UK.
In addition, the bill already includes a mention that stabelcoins, which have payment properties, should also be subject to regulation by current financial laws. The idea of regulating stablcoins came from the team of the then finance minister in Boris Johnson’s government, Rishi Sunak, and as of today, Rishi Sunak has become prime minister-elect of the UK.
The news had a positive effect on the cryptocurrency market: bitcoin price added in daily movement of 1%, to 19.995 thousand dollars, and Ethereum jumped in value by 4.4%, to 1.472 thousand dollars. The total capitalization of the cryptocurrency market rose by 2.92%, to $955.62 billion.
British lawmakers, commenting on the decision, stressed that if the law is passed by the House of Lords, as well as approved by King Charles III, it will pave the way for the immediate regulation of cryptocurrency industry. In particular, the House of Commons expects that the British Treasury will already be reviewing various cryptocurrencies and cryptocurrency services for the benefits and risks they carry.
The Financial Services and Markets Bill, whose overall message is to clarify the British approach to financial services in a situation where the UK is not part of the European Union, is expected to have a good chance of passing. After it enters into force, the developments that the UK Treasury will have by then will be used in the practical regulation of cryptocurrency services.

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