- The support of the Financial Services and Markets Bill promises the adoption of cryptocurrency in the UK.
- The Bill had successfully passed through a third reading in the House of Lords.
- The passing of the Bill is vastly expected as it comes at a time when the US regulatory bodies have clamped down on the crypto industry within the country.
The UK lawmakers are pressing forward with the legislation, which has passed the third reading of the House of Lords and will allow for the adoption and regulation of cryptocurrency in the country.
On June 19, a meeting of the United Kingdom Parliament’s House of Lords witnessed the support of multiple members, advocating for the passage of the Financial Services and Markets Bill. The bill focuses on improving the country’s financial service industry and has successfully passed through a third reading at the House of Lords.
According to the UK Parliament’s blog, the Financial Services and Markets Bill aims to make multiple changes to regulating financial services in the country.
“It would implement the outcomes of the Future Regulatory Framework review and establish a regime to regulate stablecoins and protect access to cash,” the website reads.
The June 19 meeting was among the Parliament’s decisions to tidy up the proposed legislation and ensure it was “effectual,” after which it would return to the lower house of the Parliament and the House of Commons, where it would be readjusted or amended to suggested changes made by the House of Lords.
However, despite the third reading being a chance for the lawmakers to tidy up a bill, no changes were made to this proposed legislation ahead of the third reading.
Introduction of the Financial Services and Markets Bill
The Financial Services and Markets Bill was introduced in 2022 into the United Kingdom’s Parliament; the bill’s purpose was to preserve the country’s leading position in the financial industry post-Brexit, revoke retained EU rules, aid victims of fraud, reform some insurance laws, regulate stablecoins (crypto assets), and create new growth and competitive goals.
Regulation of the Crypto Industry
The regulation of crypto firms in several countries has led most companies to shut down their practices within the countries with stifling regulatory agencies.
On June 19, the famous crypto exchange, Binance, canceled its registration with the Financial Conduct Authority (FCA) in the UK for inactive operations.
Although the parent company—Binance—is currently dealing with lawsuit filings from the US SEC (Securities and Exchange Commission), its UK subsidiary, Binance Markets Limited (BML), canceled its registration with the FCA.
An insider in the BML stated that although the crypto firm had licenses to execute several activities in the UK, it never did. The cancellation of the registration with the FCA signifies that the Financial Conduct Authority no longer permits Binance to offer services within the UK.
Conclusion
The approval of the Financial Services and Markets Bill is considered a positive path for the crypto industry as it comes at a time when crypto firms are at a loss for supportive regulations that allow for the smooth running of operations within a country.
