The upper house of the UK parliament has passed crypto, stablecoin laws. Thus, the Financial Services and Markets Bill makes crypto a regulated activity. It also recognizes stablecoins as a means of payment under current law.
UK upper house approves crypto and stablecoin laws!
UK parliamentarians voted on a new bill that could recognize crypto as a regulated activity in the country. The approval of the Financial Services and Markets Bill (FSMB) by the upper house of Parliament, the House of Lords on Monday, means the bill will enter the final stages before it becomes law.
The sweeping bill, introduced in July, is more than 340 pages long to take advantage of Brexit freedoms and give regulators more power over the UK financial system. The original bill includes a proposal to regulate stablecoins under the country’s payment rules. It also includes changes to treat all crypto as a regulated activity. Measures to oversee crypto promotions were added later as the bill progressed through Parliament.
Largest stablecoins by market cap / Source: CoinMarketCapWhat will the next phase of the law be like?
The UK wants the FSMB to give regulators the powers they need to set crypto rules, which the Treasury, the government’s finance arm, advises. Treasury Secretary of the Economy Andrew Griffith made a statement to CNBC in April. Griffith said that new special rules for the crypto industry will likely come in 12 months. The UK is trying to catch up with the European Union, which recently completed its Crypto Asset Markets (MiCA) regulation, which mainly focuses on stablecoins.
The FSMB will then go to the lower house of Parliament to agree on a final version. Once both houses have agreed on the document, they will send it to the King for ratification and enactment. It’s possible that the bill will go back and forth between the chambers of Parliament until a compromise is reached.
EU officially signs new crypto licensing and money laundering rules
cryptocoin.com As you follow, MiCA will make the EU the first major jurisdiction with special crypto regulations. The European Union has officially signed the landmark Crypto Asset Markets (MiCA) regulation. Thus, it brought the EU closer to being the first major jurisdiction in the world with specific rules for the industry.
The law was signed by Roberta Metsola, President of the European Parliament, and Peter Kullgren, Swedish Minister of Rural Affairs, alongside a separate anti-money laundering law that requires crypto providers to verify their customers’ identities when they transfer funds. A parliamentary spokesperson confirmed that the laws in question include MiCA and funds transfer rules. It also includes two unrelated regulations on trade with Ukraine.
