UK government moves forward on financial markets bill for potential regulation of crypto

U.K. Parliament’s House of Lords Progressing with Bill to Facilitate Cryptocurrency Acceptance

Legislators in the House of Lords of the Parliament of the United Kingdom are progressing with a bill that could potentially facilitate the acceptance of cryptocurrency in the country.

At a gathering of the U.K. Parliament’s House of Lords on June 19, many members supported the passage of the Financial Services and Markets Bill, a law intended to bolster the nation’s financial services sector. The bill went through its third reading in the House of Lords, one of the last steps before taking into account any extra alterations and being sanctioned into law.

Lawmakers declared that the June 19 proceedings were part of a scheme to “refine” the bill in order to guarantee its efficacy. The bill will then be returned to the House of Commons, the lower house of the U.K. Parliament, where members can contemplate any amendments suggested by the upper house.

“The outcomes of the future regulatory framework review are embodied in this bill, granting regulators considerable new rulemaking authority, while also ensuring accountability, democratic participation, and transparency,” Baroness Joanna Penn declared.

Binance has revoked the registrations of businesses that are not active in the UK.

Global Regulation of Cryptocurrencies Influencing Business Decisions

First introduced in July 2022 to the U.K. Parliament, the Financial Services and Markets Bill was created to ensure that Britain kept its standing in the financial sector after Brexit. The initial version of the bill gave authority over digital asset regulation, however, the most recent amendments from the House of Lords did not appear to contain any alterations pertinent to the crypto industry.

The global regulation of cryptocurrencies appears to be influencing where businesses decide to operate. The United States government has taken action against Coinbase and Binance, causing the two exchanges to become embroiled in legal proceedings while conducting their business. As a result of regulatory changes, certain firms, such as Bybit, have even declared their withdrawal from Canada.

US law enforcement authorities are intensifying their efforts to combat criminal activity involving cryptocurrencies.

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