The House of Lords, the upper chamber of the UK Parliament, has given its approval, advancing the Financial Services and Markets Bill, which encompasses both traditional financial services and cryptocurrencies.
During a House of Lords meeting on June 19, numerous members voiced their support for the passage of the Financial Services and Markets Bill. The legislation aims to fortify the country’s financial services industry. The bill underwent its third reading in the House of Lords, marking one of the final stages before potential amendments and eventual enactment into law.
Lawmakers stated that the proceedings on June 19 were part of an effort to “tidy up” the bill, ensuring its effectiveness. The bill will now return to the House of Commons, the lower house of the UK Parliament, where members can review any proposed changes from the House of Lords.
Baroness Joanna Penn expressed that the bill implements the outcomes of the future regulatory framework review, granting regulators significant new responsibilities in rulemaking, while maintaining clear accountability, democratic input, and transparent oversight.
Financial Services and Markets Bill Introduced to Maintain Authority on Digital Assets
The Financial Services and Markets Bill, which was initially introduced to the U.K. Parliament in July 2022, aimed to ensure the country’s financial standing after Brexit. The original version of the bill encompassed digital asset regulation, while the latest amendments from the House of Lords appeared to have no relevant changes concerning the crypto industry.
With aspirations of becoming a global cryptocurrency center, the United Kingdom has laid out its plans and taken various initiatives. Brian Armstrong, CEO of Coinbase, commended the country’s approach, emphasizing that the domestic authorities recognize the potential of the sector and are prepared to implement comprehensive regulations.
Andreessen Horowitz, a prominent venture capital firm heavily invested in crypto and Web3, also shares the belief that the UK has the potential to become a hub for digital assets. Consequently, the firm recently established an office in London, its first outside the United States. Furthermore, they have plans to launch a crypto startup school in the UK, aiming to discover and support talented individuals in the crypto space.