UK to Pass Crypto Regulations into Law.

The Financial Services and Markets Bill (FSMB) has been approved by the House of Lords, which proposes regulation for stablecoin and crypto in the UK. This move by the UK government could help support the adoption of cryptocurrencies in the country. The bill was discussed in a meeting of the UK parliament’s House of Lords, where many members advocated passing the legislation to strengthen the national financial services industry. The bill must now go through the Consideration of Amendments and Royal Assent stages before it becomes law.

The FSMB was initially intended to regulate stablecoins, but it was amended to include all cryptocurrencies and regulated activity. Crypto promotion supervision was also added to the bill as it passed through parliament. The bill was introduced to the UK Parliament in July 2022 to ensure that Great Britain maintains its position in the financial world. The recent proceedings were part of the plan to “tidy up” the bill and make sure it is effective.

Member of the House of Lords, Baroness Joanna Penn, stated that the bill delivers the outcomes of the future regulatory framework review, giving the regulators significant new rulemaking responsibilities while balancing that additional responsibility with clear accountability, appropriate democratic input, and transparent oversight.

The Economic Secretary to the Treasury, Andrew Griffith, hinted at coming regulation on crypto in April. Speaking to CNBC, the lawmaker said that Britain could introduce specific laws regulating the crypto industry within a year. The UK Prime Minister, Rishi Sunak, has also expressed his ambition to make the country a “global hub for cryptoasset technology.”

According to Griffith, the UK will combine the existing and new regulations. “Wherever possible, we want to see the same asset, the same transaction regulated in the same way. But there are some additional opportunities in the crypto asset or distributed ledger space, and we want to take advantage of that,” he said.