The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and âdigital settlement assetsâ in the country.
The suggested bill proposes âa range of measures to maintain and enhance the U.K.âs position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.â
The bill reasserts the U.K.âs intention to become a global cryptocurrency hub, comments echoed by Lisa Cameron, member of parliament and the chairperson of The Crypto and Digital Assets All-Party Parliamentary Group. In an exclusive interview with Cointelegraph over the weekend, she explained that crypto is on the lawmakersâ radar, although there is a lot of education to be done.
The bill builds upon existing measures to broaden regulations of stablecoins and mentions âDigital Settlement Assetsâ (DSA) as a new term, moving away from the use of âcrypto assets.â According to the U.K. government, âcrypto assets use some form of distributed ledger technology (DLT),â whereas DSA includes stablecoins, âgiven their potential to develop into a widespread means of payment.â
The U.K. government had previously commented that there will be a âpackage of measuresâ aimed at improving regulation and clarity surrounding blockchain, crypto and Bitcoin.