Initially, the bill only included stablecoins. However, it was amended to include all crypto and regulated activity.
Bill (FSMB) that proposes regulation of stablecoin and crypto regulation in the UK has been approved by the House of Lords, the second chamber of the Houses of Parliament.
The UK government is moving forward on the Financial Services and Markets Bill (FSMB), which could support crypto adoption in the country. The bill proposes stablecoin and crypto regulation. At a meeting of the UK Parliament’s House of Lords, several members advocated the passage of legislation that aims to strengthen the national financial services industry. Following a third reading in the House of Lords and the approval of the FSMB by the House of Commons, the bill can now enter the final stages: consideration of amendments and Royal Assent.
Notably, consideration of amendments is the final reading of the bill by both the Houses. This process involves the House of Commons making any amendments to the bill as deemed appropriate, while the House of Lords approves or disapproves of the changes, as applicable. Eventually, the two houses came to an agreement after several back-and-forths. On the other hand, when the monarch of Britain formally agrees to make the FSMB a law, that is Royal Assent.
UK Financial Services and Markets Bill (FSMB)
Initially, the bill was about regulating stable coins. However, it was amended to include all crypto and regulated activity. Crypto promotion supervision was also added in the form of a bill passed from the Parliament.
FSMB was first City: to the UK Parliament in July 2022 to ensure that Great Britain maintains its place in the financial world. According to lawmakers, the most recent action was part of a plan to “ensure” the bill is “effective”. Baroness Joanna Penn, a member of the House of Lords, said:
“The bill delivers the results of a review of the future regulatory framework while giving regulators significant new rulemaking responsibilities, while balancing that additional responsibility with clear accountability, appropriate democratic input and transparent oversight.”
In April, the Economic Secretary to the Treasury, Andrew Griffiths, hinted at coming regulation on crypto. Speaking to CNBC, the MP said that the UK could introduce specific legislation regulating the crypto industry within a year.
Great Britain has, over time, revealed its intention to become the home for crypto firms. The Prime Minister of the UK, Rishi Sunak, stated that he has ambitions to make the country a “global hub for cryptocurrency technology”.
According to Griffiths, the UK will mix existing and new regulations.
“Wherever possible, we want to see the same asset, same transaction regulated in the same way. But there is some additional opportunity in the crypto asset or distributed ledger space and we want to take advantage of it,” Said He.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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