{"id":502732,"date":"2022-10-21T23:30:00","date_gmt":"2022-10-21T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/amendment-to-uk-financial-services-bill-provides-regulation-for-crypto-activities\/"},"modified":"2022-10-21T23:30:00","modified_gmt":"2022-10-21T20:30:00","slug":"amendment-to-uk-financial-services-bill-provides-regulation-for-crypto-activities","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/amendment-to-uk-financial-services-bill-provides-regulation-for-crypto-activities\/","title":{"rendered":"# Amendment to UK financial services bill provides regulation for crypto activities"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34c91b38bd9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34c91b38bd9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/amendment-to-uk-financial-services-bill-provides-regulation-for-crypto-activities\/#%E2%80%9D_Amendment_to_UK_financial_services_bill_provides_regulation_for_crypto_activities_%E2%80%9C\" >&#8221; Amendment to UK financial services bill provides regulation for crypto activities &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Amendment_to_UK_financial_services_bill_provides_regulation_for_crypto_activities_%E2%80%9C\"><\/span>&#8221; Amendment to UK financial services bill provides regulation for crypto activities &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvOGVmMjVjMTQtNDI4NC00YzMwLWEzMjktNDJhY2JmOWIxNGRlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>An amendment to the Financial Services and Markets Bill now before the United Kingdom&#8217;s Parliament would extend the law\u2019s powers to regulate financial promotion and other activities to crypto assets. The amendment was written by Member of Parliament and Financial Secretary to the Treasury Andrew Griffith.\u00a0<\/p>\n<p>The 335-page bill was introduced in July and had its second reading in the House of Commons on Sept. 7. According to the explanatory statement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/publications.parliament.uk\/pa\/bills\/cbill\/58-03\/0146\/amend\/finserv_rm_pbc_1021.pdf\">accompanying<\/a> the amendment, it would:<\/p>\n<blockquote><p>\u201c[&#8230;] clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets.\u201d <\/p><\/blockquote>\n<p>The Financial Conduct Authority (FCA), the U.K.&#8217;s financial regulator, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fca.org.uk\/publication\/correspondence\/portfolio-letter-alternatives-2022.pdf\">published<\/a> a \u201cDear Chief Executive\u201d letter Aug. 9, which detailed its supervisory strategy over financial firms\u2019 so-called &#8220;alternatives portfolio.&#8221; The letter stated: \u201cWe will publish final rules for the promotion of crypto assets once the Treasury formalises legislation to bring these into our remit.\u201d <\/p>\n<p><strong><em>Related: FCA green lights Revolut, making no UK crypto firms operating under temporary status<\/em><\/strong><\/p>\n<p>Most crypto-related businesses in the U.K.\u00a0are not under the control of the FCA now, though they have the option of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying for registration and will be required to do so next year. The registration process currently looks only at Anti-Money Laundering and Countering the Financing of Terrorism measures and has proven challenging for many applicants. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It was a pleasure to give evidence to the House of Commons Financial Services &amp; Markets Bill Committee today, answering questions from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/griffitha?ref_src=twsrc%5Etfw\">@griffitha<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TulipSiddiq?ref_src=twsrc%5Etfw\">@TulipSiddiq<\/a>  and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MartinJDocherty?ref_src=twsrc%5Etfw\">@MartinJDocherty<\/a> on UK regulatory competitiveness, crypto-assets and stablecoin.  More here: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/J0f1OCtqb5\">https:\/\/t.co\/J0f1OCtqb5<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ZzjCwaPEiD\">pic.twitter.com\/ZzjCwaPEiD<\/a><\/p>\n<p>\u2014 Adam Jackson (@Adam_E_Jackson) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Adam_E_Jackson\/status\/1582801564338561024?ref_src=twsrc%5Etfw\">October 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The FCA also took action on the advertising of high-risk financial products in August, and explicitly stated that crypto assets can be risky but the agency was not yet regulating them. The country\u2019s Advertising Standards Authority has been more aggressive in monitoring crypto-related advertising. <\/p>\n<p>Griffith\u2019s predecessor as financial secretary Richard Fuller stated in September that the government was committed to making the U.K. a \u201chub for crypto technologies.\u201d On Oct. 10, the European Parliament Committee on Economic and Monetary Affairs passed the Markets in Crypto-Assets bill and a full parliamentary vote is expected soon. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/amendment-to-uk-financial-services-bill-provides-regulation-for-crypto-activities\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Amendment to UK financial services bill provides regulation for crypto activities &#8220; An amendment to the Financial Services and Markets Bill now before the United Kingdom&#8217;s Parliament would extend the law\u2019s powers to regulate financial promotion and other activities to crypto assets. The amendment was written by Member of Parliament and Financial Secretary to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":502736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvOGVmMjVjMTQtNDI4NC00YzMwLWEzMjktNDJhY2JmOWIxNGRlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[83536,88725,70934,4966],"class_list":["post-502732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-advertisement","tag-assets","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/502732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=502732"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/502732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/502736"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=502732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=502732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=502732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}