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House Of Lords OKs UK Crypto & Digital Assets Bill

 |  June 26, 2023

The upper house of the Parliament of the United Kingdom is considering legislation that may support the adoption of crypto within the country.

During a meeting of the UK Parliament’s House of Lords on June 19, there were numerous advocates for the Financial Services and Markets Bill, which is intended to bolster the country’s financial services industry. The bill underwent a third reading in the House of Lords, one of the last stages before any further amendments are considered and it is ratified as law.

According to lawmakers, the June 19 proceedings were part of a plan to “tidy up” the bill in an effort “to ensure it is effectual.” It will go back to the lower house of the U.K. Parliament, the House of Commons, where members can consider any changes proposed by the upper house.

Related: UK Crypto Regulation Looks Into Ad Practices

Baroness Joanna Penn stated that the bill provides new rulemaking responsibilities for regulators while ensuring clear accountability, democratic input, and transparent oversight.

The Financial Services and Markets Bill was introduced to the UK Parliament in July 2022 to maintain the country’s position in the financial world after Brexit. The initial version of the bill addressed digital asset regulation, but recent amendments from the House of Lords did not appear to have any impact on the crypto industry.