Lawmakers in the upper echelon of the United Kingdom’s Parliament are taking significant steps toward implementing legislation that could promote the use of cryptocurrencies in the country.
During a recent meeting of the UK Parliament’s House of Lords on June 19, several members expressed their support for the Financial Services and Markets Bill.
The bill aims to strengthen the nation’s financial services industry and has now reached the critical stage of a third reading in the House of Lords, setting the stage for further revisions and eventual enactment.
The discussions held on June 19 primarily focused on refining the bill to ensure its effectiveness. Lawmakers considered this process essential in order to streamline the legislation and make it more practical.
The bill will now proceed to the lower house, the House of Commons, where members will review any proposed amendments put forth by the upper house.
The Bill was originally introduced in July 2022 with the aim of protecting the UK’s position in the financial world after Brexit. Initially, it included provisions for the regulation of digital assets.
However, the recent amendments proposed by the House of Lords did not include any changes relevant to the crypto industry. Despite this, UK lawyers continue to show support for crypto regulation.
The global regulatory landscape for cryptocurrencies has had a significant impact on businesses’ decisions regarding their operational jurisdictions.
As the Financial Services and Markets Bill progresses through the UK Parliament, it is expected that the legislation will bring greater clarity and regulatory certainty for the crypto industry in the country.
Compiled by Coinbold