- This is the law introduced last year
- It covers the regulation and rules for advertising of digital assets
- The new rules could be implemented within 12 months
The House of Lords in England passed the Financial Services and Markets Bill. This is a large document of 346 pages. Lawmakers introduced it almost a year ago, in July 2022. Since then, the draft has been reviewed, debated, and further adjustments made.
The approval in the House of Lords signifies the final stage of consideration of the draft. Now it remains to be voted on in the British Parliament and sent for the King’s signature.
The FSMB was originally to introduce oversight of stabelcoins. But gradually the MPs added new sections to it – on the regulation of digital assets in general, their interaction with banks, advertising rules, etc.. It also has liability for violating laws and other important nuances.
The FSMB package of laws will give regulators the powers they need to control cryptocurrencies. If all goes according to plan, the new rules could go into effect within 12 months, said Treasury Chief Andrew Griffith.
Parallel to this, the country plans to launch a digital pound. It is jokingly referred to as britcoin.
The passage of the Financial Services and Markets Bill will allow Britain to keep up with the EU. Recall that the Eurozone has recently adopted extensive crypto-regulation MiCA.