• March 27, 2023


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The UK Includes Digital Assets in its Financial Markets Bill

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A bill on financial services and markets that has been submitted to the UK Parliament for consideration includes the regulation of cryptocurrencies and other digital assets.

In general, the changes, which have been proposed by HM Treasury, are aimed at “increasing the country’s competitiveness as a global financial center” against the backdrop of leaving the EU.

According to the document, a “digital settlement asset” (DSA) is a digital representation of a value or right (regardless of cryptographic protection) that can be used to settle payment obligations, transmitted, stored or traded electronically and also uses technology that supports data recording or storage.

According to the fill, service providers include asset issuers, custodial service providers, trading and exchange platforms.

The initiative provides for the introduction of appropriate changes to the law on banking, as a result of which participants in the digital asset market will be subject to its rules.