The Financial Services and Markets Bill has been approved by the House of Lords and will enter the final stages of legislation.
The Financial Services and Markets Bill (FSMB) was approved by the Upper House, the second house of parliament, on Monday.bill already get support From the House of Commons, which will now enter its final stages: consideration of amendments and Royal Assent.
Lawmakers said the June 19 process was part of a “cleaning up” effort to ensure the bill was “effective.”
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— House of Lords (@UKHouseofLords) June 19, 2023
FSMB may soon become law
Launched in July 2022, the 340-page FSMB aims to stabilize Britain’s financial conditions post-Brexit. The original bill included plans to regulate stablecoins, but later included provisions to regulate crypto as a regulated activity. Lawmakers then added oversight of cryptocurrency promotion as the bill passed parliament.
The FSMB will now enter the final stage before it becomes law: considering amendments and then finally obtaining Royal Assent.
Consideration of the amendments is the final reading of the bill by both houses of parliament. During the last reading period, the House of Commons will amend the bill before the House of Lords approves or rejects these changes. The bill will negotiate between the two chambers until they reach an agreement.
After being approved by the House of Commons, the bill will receive Royal Assent, with King Charles III formally assenting it into law.
FSMB may soon become law. Andrew Griffiths, Economics Secretary, Treasury, april says Crypto regulation is likely to emerge within the next 12 months as the UK positions itself as the next global crypto hub.
UK to introduce stricter rules for cryptocurrency marketing
Recently, the UK Financial Conduct Authority (FCA) announced that it will introduce stricter advertising rules for the encryption industry, which will come into effect in October. Under the new guidelines, the FCA eliminated “refer a friend” reward bonuses and introduced a cooling-off period for first-time cryptocurrency buyers.
Authorities will also ban free gifting of NFTs and cryptocurrencies through airdrops to encourage users to invest in digital assets. The FCA will not ban NFTs and airdrops, only promotions involving them.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.