UK Financial Markets Bill allows regulation of stablecoins and service providers

Crypto regulation went into effect as planned in Financial Services and Markets Bill despite government personnel changes and the collapse of the crypto market.< /p> New

The Financial Services and Markets Bill was introduced in the UK Parliament on Wednesday. The comprehensive bill, which aimed to preserve the UK's place as a financial leader post-Brexit, repealed retained EU laws, reformed some insurance laws, supported victims of financial fraud and established new ones. growth and competitiveness goals. The bill also regulated stablecoins.

The presence of stablecoin regulation in the bill was confirmed the night before in the keynote speech delivered by Chancellor of the Exchequer Nadhim Zahawi. Although stablecoin regulations were supposed to be part of the bill from its inception, the fate of these regulations had become a matter of concern for some observers after the recent upheaval in crypto markets and the departure of pro-members. government crypto earlier in July. , which included Economic Secretary to the Treasury John Glen and Zahawi's predecessor Rishi Sunak.

2. Embrace crypto-asset technology to establish a stablecoin regime and enable the use of a wider set of payment methods in the UK. pic.twitter.com/OByPNFQJh0

The Bill extended the Banking Act 2009 and the Financial Services (Banking Reform) Act 2013 to cover "digital settlement assets" (DSAs) and authorized the Treasury to regulate DSAs, pay...