2023-6-21 19:56 |
UK lawmakers in the Upper parliament, the House of Lords, have approved a new bill that if adopted into law could offer comprehensive rules that define crypto regulation in the country.
UK’s FSMB in final stages before becoming lawThe Financial Services and Markets Bill (FSMB) is a government bill first introduced in July 2022 and includes proposals seeking to have cryptoassets and related services fall under regulated activity.
On Monday, the House of Lords voted the FSMB through during the third reading. This is after the bill was passed to the Upper chamber from the House of Commons, and its approval means it now goes back to the Lower House for a final reading and consideration of Lords amendments. From here, it would be forwarded to King Charles III for assent.
FSMB seeks to bring crypto assets in the UK under the country’s financial system, and has seen amendments to that effect. The original bill had highlighted the regulation of stablecoins within the UK’s payments framework, but saw various amendments that sought to have the broader ecosystem oversighted as a regulated activity.
There have also been proposals to strictly regulate crypto promotions and advertisements, as recently proposed by the Financial Conduct Authority.
UK’s FSMB would offer a framework for a comprehensive crypto rules path, similar to what the European Union (EU) envisions with the recently adopted Markets in Crypto Act (MiCA). Industry players see the UK parliament’s move as a crucial step that puts the country on track in the quest to become a global crypto hub.
Bradley Duke, co-CEO at ETC Group, a provider of centrally cleared and physically backed crypto ETPs, commented on the development:
“The advent of the bill entering statute law will be an important leap for the U.K. in trying to establish itself as a global digital asset hub and keep pace with the European Union that has already signed its Markets in Crypto Assets (MiCA) bill into law.”
The post UK lawmakers in Upper House approve new crypto regulation bill appeared first on Invezz.
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