The UK’s Financial Services and Markets Bill (a proposed legislation that touches upon traditional monetary services and cryptocurrencies) has moved forward after the Parliament’s upper chamber – the House of Lords – gave its nod.
It will now enter into final reading, where the House of Commons is authorized to make amendments. The legislation can go back and forth before the two chambers of the Parliament reach a full agreement.
What’s Next?
Most House of Lords members voted in favor of the bill that aims to establish standards in the cryptocurrency sector and regulate the usage of stablecoins. The legislation, introduced to the Parliament last summer, initially sought to stabilize Britain’s financial condition after leaving the European Union (a process known as “Brexit”).
At a later stage, though, the authorities revealed their intentions to regulate stablecoins with it, proposing to put them under the nation’s payments rules. Shortly after, they insisted all
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