The UK government is advancing a financial markets bill to potentially regulate cryptocurrencies

Lawmakers in the UK’s upper house of parliament are moving forward with legislation that could help boost cryptocurrency adoption in the country.

At the meeting of the House of Lords of the British Parliament on June 19, many members advocated for the passage of the Financial Services and Markets Act – legislation aimed at strengthening the country’s financial services industry. The bill passed third reading in the House of Lords, one of the final stages of passage before further amendments are considered and signed into law.

According to lawmakers, the June 19 proceeding was part of a plan to “clean up” bill in an attempt to “ensure its effectiveness”. It goes back to the lower house of the UK Parliament, the House of Commons, where members can consider any changes proposed by the upper house.

“This Bill delivers the results of a future review of the regulatory framework and gives regulators significant new rule-making responsibilities, while balancing this additional responsibility with clear accountability, appropriate democratic input and transparent oversight,” said Baroness Joanna Penn.

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The Financial Services and Markets Bill was first introduced to the UK Parliament in July 2022 aimed at securing the country retained its place in the financial world after Brexit. The original version of the law included granting the power to regulate digital assets, while the latest amendments from the House of Lords appeared to include no changes relevant to the crypto industry.

Global cryptocurrency regulation appears to be having an impact on where businesses choose to do business. United States authorities have cracked down on both Coinbase and Binance, resulting in the two exchanges being embroiled in legal filings amid their ongoing business. Some companies, including Bybit, have announced their departure also from Canada, specifically with reference to regulatory developments.

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