Crypto regulation has finally gathered steam in the United Kingdom with the Financial Services and Markets bill going through the House of Lords.
Crypto regulation has occupied center stage in the UK, with the latest crypto Bill gathering support from UK lawmakers. While it went through a third reading in the upper house of the UK parliament, the House of Lords, the bill is expected to be returned back to the lower house soon.
Once the House of Commons decides on any changes or amendments, it could be passed by the UK Parliament.
The recent meeting on June 19 at the House of Lords was likely a reviewing exercise for the Financial Services and Markets Bill, which the UK lawmakers confirmed.
Member of the House of Lords, Baroness Joanna Penn, said, “This bill delivers the outcomes of the future regulatory framework review, giving the regulators significant new rulemaking responsibilities whilst balancing that additional responsibility with clear accountability, appropriate democratic input, and transparent oversight.”
The Bill was introduced in the UK parliament in 2022 and had several aspects regarding digital asset regulation. The latest rounds in the House of Lords did not introduce any changes in terms of crypto regulation.
UK lawmakers supporting the bill at this juncture could benefit the crypto industry when major developed economies like the United States have issued legal challenges to major crypto firms. The UK’s crypto firms may respond positively to the recent Financial Services and Markets Bill development.