UK government includes new crypto amendment in finance regulation bill

The UK’s Financial Services and Markets bill is home to new amendments seeking to regulate crypto and ban unauthorized service providers, following an amendment paper published on Friday.UK’s crypto regulatory powers are largely in the hands of the FCA, which decides on the registrations of crypto firms. Andrew Griffith, financial services minister, tabled amendments and added a note “to clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets. Cryptoasset is also defined, with a power to amend the definition.”.