UK gov’t advances bill to regulate crypto in financial markets.
Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation that could help support the adoption of cryptocurrencies in the country.
During a meeting of the House of Lords on June 19, many members advocated for the passage of the Financial Services and Markets Bill which aims to strengthen the country’s financial services industry. The bill underwent a third reading in the House of Lords, one of the final stages in the process before considering any additional amendments and being signed into law.
According to lawmakers, the proceedings on June 19 were part of a plan to “tidy up” the bill in an effort “to ensure it is effectual.” It will go back to the lower house of the U.K. Parliament, the House of Commons, where members can consider any changes proposed by the upper house.
“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,” said Baroness Joanna Penn.
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The House of Lords conducted a ‘tidy up’ of the Financial Services Bill from 3.15 pm before it was returned to the House of Commons to consider Lords changes. Find out more https://t.co/kZYuE22bId Watch online https://t.co/MXe7B0XhMX pic.twitter.com/hPec0CXTm1
— House of Lords (@UKHouseofLords) June 19, 2023
Related: Binance cancels registration for inactive business in the UK
The Financial Services and Markets Bill was first introduced to the U.K. Parliament in July 2022 and aimed to ensure the country maintained its position in the financial world following Brexit. The original version of the bill included granting authority on digital asset regulation, while the most recent amendments from the House of Lords seemingly did not include any changes relevant to the crypto industry.
The regulation of cryptocurrencies globally seems to be impacting where firms choose to do business. United States authorities have cracked down on both Coinbase and Binance, leading to the two exchanges becoming entangled in legal filings amid their ongoing business. Some companies, including Bybit, have announced their departure from Canada as well, specifically citing regulatory developments.
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