The upper house of the UK Parliament recently approved a bill establishing the first comprehensive crypto-asset regulation in the country. The bill, which was first introduced last year, proposed the regulation of cryptocurrencies and amendments to the UK Banking Act 2009 which outlines the authority of the central bank to oversee payment networks.
The UK’s Financial Services and Markets Bill
Since it was introduced in July 2022, the UK’s Financial Services and Markets Bill, as it is called, the bill has gone through two previous readings and debates over the past year. Now, it has been approved in its third reading in the House of Lords and will now enter into the final reading.
However, it seems legislators are already contented with the bill after the second hearing, as no changes to the bill were suggested ahead of the third reading. Here, both chambers of the Parliament can discuss any changes to the regulations before it is passed over for “Royal Assent” for a signature
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