Many lawmakers in the United Kingdom Parliament’s House of Lords have given the green light for the Financial Services and Markets Bill which aims to bolster the kingdom’s financial services industry. The legislation, which went through a third reading in the House of Lords, will need to be passed to the House of Commons for any potential amendments before being signed into law.

According to Baroness Joanna Penn, the 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.”

Initially introduced to the U.K. Parliament in July of 2022, the bill had the objective of maintaining the kingdom’s financial stability following Brexit which rattled markets. In relation to crypto, the original version of the bill included granting authority on digital assets regulation.

While the Financial Services and Markets Bill does encapsulate crypto regulation, the most recent amendments from the House of Lords seemingly have not included any changes which were relevant to the cryptocurrency industry.

Sources:

https://cointelegraph.com/news/uk-government-financial-markets-bill-crypto-regulation

https://decrypt.co/145300/crypto-laws-enter-final-stages-of-uk-parliamentary-process

https://cryptoslate.com/bill-recognizing-crypto-as-regulated-activity-in-uk-passes-house-of-lords/

https://www.coindesk.com/policy/2023/06/19/uk-crypto-stablecoin-laws-approved-by-parliaments-upper-house/