June 20 (Cointime) - The upper house of the UK Parliament is making progress with a bill that could support the adoption of cryptocurrency in the country. The Financial Services and Markets Bill, aimed at strengthening the financial services industry, went through a third reading in the House of Lords and will now be considered for any additional amendments before being signed into law.
The bill was first introduced in July 2022 to ensure the UK maintained its position in the financial world after Brexit, and while the most recent amendments did not include changes relevant to the crypto industry, the original version granted authority on digital asset regulation. Global regulation of cryptocurrencies is impacting where firms choose to do business, with some companies announcing their departure from certain countries citing regulatory developments.
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