The UK introduced a new Financial Services and Markets Bill; Which enhances its vision of dealing with cryptocurrencies, especially bitcoin and digital settlement assets in the country.
The new bill proposes a range of measures to maintain and strengthen the UK's position as a global leader in financial services, ensuring that the sector continues to provide services to individuals and businesses across the country.
The bill reaffirms the UK's intent to become a global hub for cryptocurrency, Lisa Cameron, Member of Parliament and Chair of Cryptocurrency and Digital Assets All-Party Parliamentary Group confirmed.
In an exclusive interview with Coin Telegraph over the weekend, Cameron explained that cryptocurrencies are on the radar of lawmakers, although there is a lot of education to be done.
The bill builds on existing measures to expand regulations on stablecoins and mentions digital settlement assets (DSA) as a new term, away from the use of crypto assets.
According to the UK government, crypto assets use a form of distributed ledger technology (DLT), while DSA includes stablecoins, due to their potential to be developed into a large-scale payment method.
The UK government had previously commented that there would be a package of measures aimed at improving regulation and clarity around the blockchain, cryptocurrency and bitcoin.
On the other hand, the new UK Prime Minister, Rishi Sunak, has also expressed interest in certain areas of cryptocurrency, such as his support for the creation of a non-fungible token.
