- The measure cannot become law unless it receives Royal Assent.
- Originally, the measure only intended to regulate stablecoins, but includes crypto as well.
The House of Lords, the upper house of Parliament in the United Kingdom, has given its approval to a measure that will regulate stablecoins and cryptocurrencies and provide oversight for the marketing of cryptocurrencies.
After passing the House of Commons, the Financial Services and Markets Bill (FSMB) will go through the next two steps before becoming law. One of which is the Consideration of Amendments and the other is Royal Assent.
All Set for Approval
A bill’s final reading in both chambers is dubbed “Consideration of Amendments.” The House of Commons will make any necessary revisions to the measure before sending it up to the House of Lords for final approval or disapproval. The bill will be sent back and forth between the Houses until a compromise is reached.
The measure cannot become law unless it receives Royal Assent, the official approval of the King. The Scottish Militia Law of 1708 was the final law to be vetoed by the Monarch. Therefore, the 340-page document is expected to become legislation in the United Kingdom in the near future.
Originally, the measure only intended to regulate stablecoins, but further modifications expanded that scope to encompass all cryptocurrencies. As the legislation made its way through the parliament, crypto marketing oversight was added.
In April, Economic Secretary to the Treasury Andrew Griffith told CNBC that crypto-specific legislation might be anticipated within the next 12 months and that the United Kingdom aspires to become a “global hub for cryptoasset technology.”
Just about a month has passed since the European Union enacted its own Markets in Crypto Assets (MiCA) regulations. Amid the ongoing U.S crackdown on the crypto sector, other nations are determined to define clear regulations for the sector.
