The UK has come one step closer to becoming one of the most recognized crypto hubs in the world like the House of Commons, Parliament, I pass the amendment to the Financial Services and Markets Bill that seeks to regulate Bitcoin (BTC) and the cryptocurrency industry.

The bill was initially proposed when Prime Minister Rishi Sunak was the finance minister and seeks to regulate stablecoins. During the parliamentary meeting, Andrew Griffith, Conservative MP for Arundel and the South Downs, made a proposal to extend the scope of the bill by including other crypto assets in the scope of regulated financial services in the UK.

“The gist here is to treat crypto like other forms of financial assets and not prefer them, but also bring them within the scope of regulation for the first time,” Griffith said, adding that new clause 14 in the bill, “clarifies that crypto assets could be brought within the scope of existing provisions” of the Financial Services Act 2000.

MPs voted in favor of the amendments and they will now be tabled in the House of Lords. If the bill passes there, it will need to be signed by King Carlos III to become law.

The excitement that the UK is on its way to regulating Bitcoin as a financial instrument has sent a shiver through the digital currency ecosystem as is evident in the price of some of the biggest cryptocurrencies, Bitcoin is up 5.97% in the at the time of this writing at $20,561.77. by Data of CoinMarketCapwhile Ethereum changes hands at $20,561.77, up 11.21%.

Many market watchers are already seeing signs that the Rishi Sunak government will be bullish on crypto, taking advantage of his positive stance on the industry while serving in the government of Boris Johnson. The timeline, however, is what remains unknown.

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