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U.K. Parliament Approves Bill to Regulate Crypto as a Financial Activity

June 19 (Cointime) - The UK's upper chamber of Parliament, the House of Lords, has approved the Financial Services and Markets Bill (FSMB), which could recognize crypto as a regulated activity in the country.

The bill, which was introduced in July to give regulators more power over the UK financial system, included a proposal to regulate stablecoins under the country's payments rules, but amendments were added later to treat all crypto as a regulated activity and supervise crypto promotions.

The UK hopes the FSMB will give regulators the powers they need to set crypto rules, with new specific rules for the sector potentially coming within 12 months. The bill will now be returned to the lower house of Parliament to agree on a final version before being sent to the King for approval.

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