Lawmakers in the British House of Commons have voted to recognize cryptocurrencies as “regulated financial instruments and products.”
The lower house of England’s Parliament voted on the “Financial Services and Markets Bill,” legislation that covers the United Kingdom’s post-Brexit economic strategy.
The lawmakers considered several proposed amendments included in the legislation, including one to recognize cryptocurrencies as regulated financial services.
The draft bill also includes regulations to govern stablecoins, which are cryptocurrencies pegged to the value of the U.S. dollar or gold.
After some debate, lawmakers voted in favor of the Financial Services bill and the recognition and regulation of digital coins and tokens, as well as stablecoins.
The language related to cryptocurrencies and the stablecoin rules were first introduced during the administration of former Prime Minister Boris Johnson earlier this year.
While it passed in the House of Commons, the bill still needs to pass through the British House of Lords, the upper chamber of Parliament, before the legislation is given royal approval by King Charles III.
