The United Kingdom is on the brink of enacting comprehensive legislation to regulate stablecoins and other cryptocurrencies, as the Financial Services and Markets Bill (FSMB) moves closer to becoming law. The bill has received approval from the House of Lords, following its earlier endorsement by the House of Commons.
The final stages of the parliamentary process, known as Consideration of Amendments and Royal Assent, now await the FSMB. During Consideration of Amendments, the House of Commons will propose any necessary changes to the bill, which will then be reviewed and approved or denied by the House of Lords. This back-and-forth will continue until both houses reach an agreement.
The ultimate step, Royal Assent, entails formal approval by the King to transform the bill into law. As such, it is highly probable that a version of the 340-page FSMB will soon be enacted as UK law.
Initially focused solely on the regulation of stablecoins, the FSMB has undergone amendments to include all cryptocurrencies as regulated activities. Furthermore, the bill has incorporated provisions for crypto promotion supervision as it progressed through Parliament.
This development comes less than a month after the European Union enacted its own Markets in Crypto Assets (MiCA) regulation, signalling a broader global movement toward regulatory frameworks in the crypto sphere.
