The UK government has proposed a new bill which would see it have the power to regulate all cryptoassets.

The new economic secretary to the treasury Andrew Griffith – who had previously been moved to the treasury by Liz Truss – has proposed the amendment to the financial services and markets bill in a move which would significantly widen its remit.

The original draft of the bill gives the Financial Conduct Authority the power to regulate stablecoins, but the amendment broadens that to cover promotions of all crypto assets.

The amendment reads: "This new clause amends the Financial Services and Markets Act 2000 to clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets."

The bill is already in the process of being approved by Parliament, and will almost certainly pass through both chambers.

The move would see the UK adopt similar attitudes to cryptoassets as the EU, which is finalising what would be the world’s first comprehensive set of regulations for the crypto sector.

Elsewhere in the UK, the Bank of England has said that it is moving forward with plans to create a regulatory framework for systemic stablecoins.

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