The UK’s Crypto and Stablecoin laws have been approved by the Upper House of Parliament.
The Financial Services and Markets Bill recognizes cryptocurrencies as a regulated activity and recognizes stablecoins as a means of payment under existing laws.
UK’s Stablecoin Laws Get Approval from the Upper House of Parliament
UK parliamentarians who approved the new bill have taken steps to recognize cryptocurrencies as a regulated activity in the country. The approval of the Financial Services and Markets Act (FSMB) by the House of Lords means that the bill will go into the final stages before it becomes law.
This comprehensive bill was introduced in July to exercise freedoms gained in the post-Brexit era and give regulators greater powers over the UK’s financial system. While the original bill proposed regulating stable currencies under payment rules, measures were added to the bill in later stages to treat all cryptocurrencies as a regulated activity and to oversee crypto promotions.
The UK intends, through the FSMB, to give regulators the necessary powers to set crypto rules in consultation with the Treasury. Treasury Economics Secretary Andrew Griffith stated in April that new special rules for the crypto sector could be implemented within 12 months. The UK is trying to catch up as the European Union completes its Crypto Asset Markets regulation, which focuses heavily on stablecoins.
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