Suche
Mein Konto
The British House of Lords approves a law to regulate cryptocurrencies
The UK's Financial Services and Markets Bill (a proposed law that touches on traditional money services and cryptocurrencies) has moved forward after being approved by the upper chamber of Parliament - the House of Lords. It now goes to final reading, where the House of Commons has the power to make changes. Legislation may go back and forth before the two chambers of Parliament reach a full agreement. What's next? Most House of Lords members voted in favor of the bill, which aims to establish standards in the cryptocurrency sector and regulate the use of stablecoins. The law submitted to parliament last summer aimed...
The British House of Lords approves a law to regulate cryptocurrencies
The UK's Financial Services and Markets Bill (a proposed law that touches on traditional money services and cryptocurrencies) has moved forward after being approved by the upper chamber of Parliament - the House of Lords.
It now goes to final reading, where the House of Commons has the power to make changes. Legislation may go back and forth before the two chambers of Parliament reach a full agreement.
What's next?
Most House of LordsMembers votedare in favor of the bill, which aims to establish standards in the cryptocurrency sector and regulate the use of stablecoins. The bill, submitted to Parliament last summer, was initially aimed at stabilizing Britain's financial position following its exit from the European Union (a process known as "Brexit").
However, authorities later announced their intention to use it to regulate stablecoins and proposed subjecting them to the country's payment rules. Shortly after, they insisted that all digital currencies should comply with existing laws.
The approval of the House of Lords means the bill now enters the final stage: consideration of amendments and royal assent. This is the final reading in which both houses of Parliament can discuss any changes. Once they reach a final agreement, the decree of King Charles III must be followed. be signed to become official.
It is worth noting that the last time a British monarch opposed a law passed by the House of Commons and the House of Lords was in 1708. Queen at the timewithheldShe received royal assent to the Scottish Militia Act after her ministers informed her that such a unit would be disloyal to the Crown.
Some lawmakers believe the Financial Services and Markets Act could see the light of day in the following months. An example is Andrew Griffith – Business Secretary of the British Treasury and Member of Parliament – whothinksThe UK will have imposed appropriate rules on the crypto industry by April 2024.
The ambitions of the Crypto Hub
The UK has outlined its plans to become a global cryptocurrency hub and has taken numerous initiatives towards this goal. Coinbase CEO – Brian Armstrong – praised the country’s stance, claiming that domestic authorities have recognized the potential of the sector and are ready to implement comprehensive rules in it.
Andreessen Horowitz – a venture capital giant that actively invests in crypto and Web3 – also believes the UK can become a hub for digital assets. As such it is recentopenan office in London (the first outside the United States). The company also plans to launch a crypto startup school in the UK to source and support talented individuals in the crypto space.
Another factor that could help Britain achieve its goal could be its Prime Minister, Rishi Sunak. HecalledIn 2022 (during his term as Finance Minister), he stated that his goal was to make the country a “global hub for crypto asset technology.”
.