Bitcoin regulated with Worcestershire sauce? – The lightning passage of Liz Truss at 10 Downing Street has caused much ink to flow in recent days. Just as the appointment of Rishi Sunak to the post of Prime Minister. The former Minister of Finance is also a fervent central bank digital currency enthusiast (MNNC). At the same time, cryptocurrencies obtain a new legal status: that ofinstruments financiers.
UK not losing sight of its goal to regulate cryptos
It moves hard on the side of the UK. The changes are linked with the future coronation of the king Charles III and the recent appointment of Rishi Sunak to the post of Prime Minister. But it is above all the pound sterling shakedown against the worrying dollar, with a UK government bond crisis (them ” gilts »).
But, put regulatory chains to cryptocurrencies does not wait. And even if Bitcoin (BTC) and its ilk have nothing to do with the tumults across the Channel, they had to be placed in a regulatory box.
This Tuesday, October 25, 2022, the Communal room (British equivalent of the French National Assembly) met to decide on the fate of crypto-assets. As CoinDesk reports in particular, legislators have thus voted in favor of a bill on financial services and markets, covering in particular our dear cryptos.
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Bitcoin & Co: financial instruments and products that will have to be treated strictly
Cryptocurrencies are therefore to be considered as financial instruments and productsaccording to Financial Services and Markets Act 2000 relating to regulated financial activities.
Grant a legal recognitionue to crypto-assets can be seen as a positive step. But it will also lead to significant compliance constraints that will stifle the smaller players in the sector.
Not to mention the crypto-companies that have not yet managed to be duly registered to operate on the ground. Fortunately, the digital asset industry will still have a little time to turn around.
Indeed, the bill still has to be validated by the House of Lords (equivalent to the French Senate), before the royal approval of Charles III. The whole question will be whether the Massive Bank of England money printings to save the British debt will not have caused by then a economic crisis major enough to disrupt this regulatory schedule.
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