The British economy is no exception to the rest of Europe. Hit hard by inflation, an energy crisis and the resignation of its recent new Prime Minister, the United Kingdom can be said to be going through difficult times.
The new acting Prime Minister, Rishi Sunak, supports cryptos and is a big believer in their development. He also plans to make the United Kingdom, a crypto innovation zone, a “hub”.
A vote to recognize cryptos in the UK
It is in the House of Commons that a vote has just passed on the subject of crypto-currencies. This part of the UK Parliament is considered to be the lower house. It is distinguished from the King and the Upper House.
A crypto measure was discussed and voted on in this chamber recently. It has several objectives, the main one being a better framework for cryptocurrencies.
The goal would be to fully consider cryptos as a regulated currency, in the same way as other regulated financial assets. This bill also seeks the inclusion of stablecoins.
Andrew Griffith of Financial Services is behind this crypto project. He stated :
“The substance here is to treat cryptocurrencies like other forms of financial assets and not to prefer them, but also to bring them into the scope of regulation for the first time”Andrew Griffith
Griffith’s intention is clear, to make great progress on the subject of cryptos and to be part of progress regarding the future of these in the country.
What such measures imply
If these measures come into effect, not only will cryptocurrencies be considered as a legal financial asset, but it will also have an impact on other elements related to them.
For example, the blockchain world will be more secure, the promotion of cryptos will be more regulated, and there will also be an impact for crypto businesses that are unregulated in the country.
For the time being, the risks incurred by crypto companies offering their services in the country without regulation are minor, but the United Kingdom could make these service offers more stringent.
The measures must now be voted on in the House of Lords before they can come into force. They should also assess the risks and benefits that this change would bring.
There is no doubt that, if passed, these measures would have an impact in the crypto world and public opinion thereof.