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The Financial Services and Markets Bill has received approval from the House of Lords and will enter the final stages before becoming legislation.
The Financial Services and Markets Bill (FSMB) on Monday received approval from the second chamber of the Houses of Parliament, the House of Lords. The bill already received support from the House of Commons and will now enter its final stages: Consideration of Amendments and Royal Assent.
Lawmakers indicated that the June 19 proceedings were part of a “tidy up” operation to ensure the bill is “effectual.”
#HouseOfLords conducts ‘tidy up’ of the #FinancialServicesBill from 3.15pm before it is returned to @HouseOfCommons to consider Lords changes.— House of Lords (@UKHouseofLords) June 19, 2023
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FSMB Likely to Become Law Soon
The 340-page FSMB was introduced in July 2022 in an attempt to stabilize Britain’s financial condition post-Brexit. The original bill included plans to regulate stablecoins, but provisions for managing crypto as a regulated activity were later included. Legislators subsequently added crypto promotion supervision as the bill passed through parliament.
The FSMB will now undergo its final stages before becoming law: Consideration of Amendments and then, finally, Royal Assent.
Consideration of Amendments is the bill’s final reading by both Houses of Parliament. During this final reading, the House of Commons will amend the bill before the House of Lords approves or deny these changes. The bill will then go between the two Houses until they reach an agreement.
Following approval from the Houses, the bill will undergo Royal Assent, where King Charles III formally agrees to make the bill a law.
The FSMB will likely become law soon. Andrew Griffith, Economic Secretary to the Treasury, said in April that crypto regulation could be expected within the next 12 months as the UK positions itself to become the next global crypto hub.
UK To Introduce Stricter Crypto Marketing Rules
Recently, the UK’s Financial Conduct Authority (FCA) announced that it would introduce tighter advertising rules for the crypto industry, which will take force in October. Under the new guidelines, the FCA did away with “refer a friend” incentive bonuses and introduced a cooling-off period for first-time crypto buyers.
The authority will also prohibit giving away free NFTs and cryptocurrencies via airdrops to encourage users to invest in digital assets. The FCA will not ban NFTs and airdrops, merely promotions involving them.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.