UK Upper House Approves Crypto and Stablecoin Legislation

The United Kingdom’s parliament has given its approval to a new bill that could potentially establish cryptocurrency as a regulated activity within the country.

The Financial Services and Markets Bill (FSMB) was passed on Monday by the House of Lords, the upper chamber of Parliament, marking a significant step towards its enactment as law.

Introduced in July, the extensive bill spans over 340 pages and aims to utilize the opportunities presented by Brexit to grant regulators increased authority over the UK’s financial system. Initially focused on regulating stablecoins under the country’s payment regulations, amendments were made as the bill progressed through Parliament to encompass all cryptocurrencies as regulated activities and introduce measures for supervising crypto promotions.

The FSMB is intended to provide regulators with the necessary powers to establish comprehensive crypto regulations, a matter that the Treasury has been consulting on. Economic Secretary to the Treasury, Andrew Griffith, stated in April that specific rules for the crypto sector could be implemented within a year. The UK is striving to catch up with the European Union, which has recently finalized the Markets in Crypto Assets (MiCA) regulation primarily targeting stablecoins.

The next step involves the FSMB returning to the lower house of Parliament for final agreement. Once both houses reach a consensus on the document, it will be sent to the King for approval and passage into law. The bill may undergo several rounds of review and amendments between the two chambers of Parliament before a final version is agreed upon.

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