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Crypto Regulatory Bill Receives Approval from the UK House of Lords

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Today June 20, the UK House of Lords has approved the Financial Services and Markets Bill.

This made a landmark in United Kingdom’s efforts to regulate cryptocurrency assets and its providers.

Since the House of Lords has endorsed this bill, it is now getting closer to turning it into law.

After the 3rd reading by the United Kingdom House of Lords, the Financial Services and Markets Bill will likely go back to the lower house of the United Kingdom Parliament members to deliberate on any possible changes.

The fact that the House of Lords has endorsed this bill means that it will enter the final stage which is the “Consideration of Amendments and Royal Assent”

After that, the bill will now go to the last reading. In this stage, the House of Commons will be allowed to provide any necessary amendment.

READ ALSO: Binance Sends A Cease and Desist Order to Binance Nigeria Ltd.

The legislation will go in and out of the 2 chambers of Parliament before reaching a full agreement.

However, the decree will still have to go through King Charles III for his signature before it will become official.

More Details of the Story

This bill established standards within the crypto industry and to manage how stablecoins are used received majority votes from the members of the House of Lords.

Last summer was when this legislation was brought to the notice of the Parliament.

Initially, it aimed to balance Britain’s financial situation after it withdrew from the European Union through a process called “Brexit”.

However, later, the authorities disclosed their intention to use the process to control stablecoins and proposed to put them under the country’s payment rules.

Can the Bill be withheld?

With the following events, certain Lawmakers think that this Financial Services and Markets Bill will surely pass in the coming months.

For instance; Andrew Griffith, the economy secretary to the United Kingdom Treasury and a Member of Parliament believes that by April 2024, the UK must have established appropriate regulations on the cryptocurrency industry.

As for the bill being withheld, you should know that it was as far back as 1708 that a British monarch rejected legislation that has received approval from the House of Lords and House of Commons.

At that time, the Queen withheld her royal approval regarding the Scottish Militia Bill in response to her minister’s advice that such a unit wouldn’t be loyal to the crown.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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