The Financial Services and Markets Bill (FSMB) has entered its final stages in the UK parliamentary process, and it is expected to become law soon.
The UK Government Has Been Consulting on Specific Rules for the Crypto Sector
The Financial Services and Markets Bill (FSMB) has entered its final stages in the UK parliamentary process, and it is expected to become law soon. The comprehensive bill, over 340-pages long, was introduced in July 2022 to give regulators more power over the UK financial system and to take advantage of Brexit freedoms.
The bill was amended to include proposals to regulate stablecoins under the country's payments rules, treat all crypto as a regulated activity, and supervise crypto promotions. The UK government has been consulting on specific rules for the crypto sector, and new regulations could come within 12 months. This comes as UK is positioning as a "global hub for cryptoasset technology."
This development follows the recent introduction of the EU's Markets in Crypto Assets (MiCA) regulation, reflecting increased legislative focus on the cryptocurrency space.
