Crypto in the UK is to be brought under the jurisdiction of the Financial Conduct Authority, paving the way for a more comprehensive set of rules for the sector, after MPs approved changes to the Financial Services and Markets Bill.

The House of Commons met for a reading of the bill on 25 October and voted in favour of an amendment by Andrew Griffith, the chief economic secretary to the Treasury, to extend existing regulations to cover crypto assets. Until the amendment, the bill only included measures to extend existing regulations to payments-focused stablecoins.