Crypto Regulation Law in the United Kingdom Requires Royal Assent, Expanding Scope to Include Stablecoins
The United Kingdom’s House of Lords, the upper house of Parliament, has granted its approval to a measure aimed at regulating stablecoins and cryptocurrencies while also introducing oversight for cryptocurrency marketing. This development signals progress towards establishing comprehensive regulations for the crypto industry in the UK.
Following its successful passage through the House of Commons, the Financial Services and Markets Bill (FSMB) in the United Kingdom will undergo the final stages before becoming law. These steps include the Consideration of Amendments and the pivotal requirement of Royal Assent. Once these processes are completed, the bill will officially be enacted as law.
All Set for Final Authorization
The bill’s final reading in both chambers, known as the “Consideration of Amendments,” involves revisions made by the House of Commons before it proceeds to the House of Lords for ultimate approval or disapproval. The bill will undergo back-and-forth exchanges between the Houses until a consensus is reached.
To become law, the bill must receive Royal Assent, the official approval of the monarch. Notably, the Scottish Militia Law of 1708 stands as the last vetoed law by the monarch. With the expectation of becoming legislation soon, the comprehensive 340-page document is poised to shape the legal landscape in the United Kingdom.
Originally focused on regulating stablecoins, the measure underwent subsequent modifications to extend its scope to cover all cryptocurrencies. Along the legislative journey, additional provisions were introduced to oversee crypto marketing. Economic Secretary to the Treasury, Andrew Griffith, stated in April that the United Kingdom aims to become a “global hub for crypto asset technology” and suggested the possibility of crypto-specific legislation within the coming year.
These developments highlight the UK’s ambitions and commitment to fostering a favorable environment for crypto assets.
Following the recent implementation of the Markets in Crypto Assets (MiCA) regulations by the European Union, other nations are also actively working towards establishing comprehensive regulations for the crypto sector. As the United States continues its crackdown on the industry, these countries are determined to define clear and transparent rules to govern the crypto market. The global trend reflects a collective effort to ensure regulatory clarity and foster a secure environment for crypto-related activities.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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