Urgent: A bullish explosion of cryptocurrencies (Breaking News) UK lawmakers have voted to recognize cryptocurrencies

Urgent: A bullish explosion of cryptocurrencies (Breaking News) UK lawmakers have voted to recognize cryptocurrencies

 A bullish explosion of cryptocurrencies


Cryptocurrency rising at the present time

Cryptocurrencies rose strongly today, with the main digital currency, Bitcoin, flying above the 20 thousand level again and is now trading at $ 20273.4, up by 4.78%, while Ethereum is approaching 1500 after rising by 11.1%.

Cryptocurrency capital is approaching one trillion again after positive trading of 76.4 billion in the last 24 hours.

Most digital currencies are rising at the present time, and the Cardano is among the most rising of the top ten, as Cardano rose by 14.92% to record $0.4098, Solana rose by 10.87% to record $31.24 and Dogecoin rose by 7.13%.

The 50 most valuable cryptocurrencies rose except for stablecoins, Aptos coins, EGLD, AAVE, and QNT.


The dollar index is down

This comes at a time when Nasdaq shares are up 2.25%, Dow Jones shares are up by 1.07%, the S&P 500 is up by 1.62% and the dollar index is down to 110,760 against a basket of foreign currencies, losing 1.03%.

The US Treasury yields fell, led by the 10-year yield, by 3.46% to 4.085%, and the 30-year yield by 3.02% to 4.230%.

This comes after leaks that the Fed will loosen its grip in December and will only raise interest rates by 50 basis points in December, according to an article published in the Wall Street Journal.



UK lawmakers have voted to recognize cryptocurrencies as regulated financial instruments


The lower house of Parliament

The lower house of Parliament has voted to add cryptocurrencies to the scope of activities to be regulated by the proposed Financial Services and Markets Act - which already seeks to extend payment rules to stablecoins.

In the United Kingdom, lawmakers voted to recognize cryptocurrencies as regulated financial instruments and products on Tuesday.

The House of Commons, the lower house of Parliament, met on Tuesday to read line by line the proposed Financial Services and Markets Bill, which broadly covers post-Brexit economic strategy. Lawmakers considered a list of proposed amendments to the bill, including one introduced by Parliamentarian Andrew Griffiths to include crypto assets in the scope of the country's regulated financial services.

The draft law already included measures to extend existing regulations to payment-focused stablecoins, which are cryptocurrencies linked to the value of other assets such as the US dollar or gold.


Griffiths, the Financial and City Services Secretary

“The essence here is to treat it [crypto] like other forms of financial assets and not prefer it, but also to make it within the scope of regulation for the first time,” Griffiths, the Financial and City Services Secretary, said this week. Ahead of the parliamentary meeting, lawmakers largely voted to keep the amendment in the legislative package.

The local crypto industry, which recently welcomed the news of Rishi Sunak's appointment as the country's new prime minister, is preparing to welcome efforts to grant legal recognition to digital assets on a large scale. The Markets Bill - and thus the stablecoin rules - was introduced during Sunak's tenure as finance minister in the Boris Johnson administration.

The crypto requirement, which builds on the definition of "crypto assets" included in the new paragraph, "makes it clear that crypto assets may be placed within the provisions" of the Financial Services and Markets Act relating to regulated financial activities, Griffiths said. These measures can regulate cryptocurrency promotions and outlaw companies that are not authorized to operate in the country.

“Treasury will consult on its approach with industry and stakeholders before using the powers to ensure that the framework reflects the unique benefits and risks posed by crypto activities,” Griffiths said.

Including cryptocurrencies within the scope of the law will ensure that the country’s Treasury is equipped to respond to developments in the crypto sector quickly and provide regulation in a “flexible” manner.


Bitcoin in 2,3 weeks 30K$


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