UK Parliament Advances Bill Acknowledging Crypto as Regulated Activity
The United Kingdom’s Parliament has passed a new bill that has the potential to recognize cryptocurrencies as regulated activities within the country.
The Financial Services and Markets Bill (FSMB) received approval on Monday from the House of Lords, the upper chamber of Parliament, signifying that the bill is progressing towards its final stages before becoming law.
Spanning over 340 pages, the comprehensive bill was initially introduced in July to leverage the opportunities presented by Brexit and grant regulators greater authority over the UK’s financial system. While the original bill included provisions to regulate stablecoins under the country’s payments regulations, subsequent amendments were made during the bill’s progression through Parliament. These amendments encompass treating all cryptocurrencies as regulated activities and implementing measures to oversee the promotion of cryptocurrencies.