A UK Treasury spokesman said the bill to regulate the cryptocurrency industry should be ready in the first quarter of 2023.
UK lawmakers are currently debating the Financial Services and Markets Bill (FSMB), which includes plans to adopt blockchain technology and cryptocurrencies in the country, as well as increase controls and oversight of the crypto industry, in order to ensure the safety and security of investors and users.
According to CoinDesk, the UK Treasury spokesperson clarified that the proposed crypto regulation bill still needs to go through several processes to be approved and enacted into law in the country. For example, it needs to be passed through the House of Lords, a second review by the House of Commons, and approval by the current monarchy of Charles III. Still, it is critical that the crypto regulation proposal in question becomes law by next spring, the spokesperson said.
The new crypto legislation being prepared by the United Kingdom is designed to regulate the commercial activity of cryptocurrencies, as well as mitigate the potential risks of money laundering and illicit activities and ensure the creation of a healthier and more favorable environment for the development of the crypto industry.
The UK Financial Services and Markets Act
The UK wants to maintain its position as a world leader in financial services after its exit from the European Union, the Treasury spokesman said. The proposed Financial Services and Markets Bill plays a key role in this goal.
If the bill is passed, the Financial Conduct Authority (FCA) and the Payment Systems Regulator will be the regulators for cryptocurrencies and digital assets, and the bill could also give special powers to the Bank of England to regulate stablecoin-related business activity.
According to the Treasury spokesperson, the government agency will publish a consultation on crypto regulation in the coming weeks, to obtain feedback from stakeholders.
On the other hand, as reported by this media, last week the UK Treasury included cryptocurrencies in a series of reforms proposals, called the “Edinburgh Reforms,” aimed at streamlining its financial system.
At the end of the third quarter, a study applied by Voucher Codes revealed that the 34% of UK citizens held cryptocurrenciesThe country is one of the world's leading economies that has been promoting favorable policies for the development of the crypto industry.
The current Prime Minister, Rishi Sunak, has plans to turn the UK into a global hub for technological innovation and development, where cryptocurrencies, stablecoins, NFTs and Web3 will play a central role.
Continue reading: UK includes cryptocurrencies in new reforms to strengthen financial sector
