The UK is one step closer to becoming a crypto hub! The Financial Services and Markets bill has moved forward after the UKHouseofLords approved it. What is next for the UK? Read more here -
in favor of the bill that aims to establish standards in the cryptocurrency sector and regulate the usage of stablecoins. The legislation, introduced to the Parliament last summer, initially sought to stabilize Britain’s financial condition after leaving the European Union .
The approval from the House of Lords means the bill will now enter its final stage: Consideration of Amendments and Royal Assent. This is the final reading where both chambers of the Parliament can discuss any changes. Once they shake hands on a final agreement, the decree will need a signature from King Charles III to become official.It is worth mentioning that the last time a British monarch rejected legislation passed by the House of Commons and the House of Lords was in 1708.
The United Kingdom has outlined its plans to become a global cryptocurrency center, taking numerous initiatives towards that goal. Coinbase’s CEO – Brian Armstrong – praised the country’s attitude, maintaining that the domestic authorities have realized the sector’s potential and are willing to implement comprehensive rules in it.
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