On June 19, the UK Senate passed the Financial Services and Markets Bill (FSMB), marking an important step in regulating crypto assets and their providers. The FSMB Bill, which has more than 340 pages, was introduced on 20 July 2022 to strengthen the powers of regulators in the UK financial system. Initially, the bill focused only on stablecoin management, but was later amended to treat all cryptocurrencies as a regulated asset class and add oversight that promotes cryptocurrency.
The Financial Services and Markets Bill could significantly impact the cryptocurrency market, providing greater transparency and stability. With Senate approval, the bill is moving closer to becoming law.
According to Economy Minister Andrew Griffith, it is expected that a new set of regulations for the crypto industry will be introduced within the next 12 months if all goes well.
The UK is trying to catch up with the European Union in the regulation of Cryptocurrency Assets, while the region focuses mainly on stablecoin management.
Following this news, Bitcoin price reacted slightly. Currently, BTC is trading around the $26,900 mark, after a slight drop from the $27,100 mark.