Parliamentarians in the United Kingdom have approved a new measure that would make cryptocurrency a regulated activity in the country.
The ratification of the Financial Services and Markets Bill (FSMB) by Parliament’s upper chamber, the House of Lords, on Monday means the bill is entering the last stages before becoming law.
The 340-page measure was introduced in July to take advantage of Brexit freedoms and give regulators additional influence over the UK financial industry.
While the original draught proposed regulating stablecoins under the country’s payment rules, revisions to treat all crypto as a regulated business and mechanisms to control crypto marketing were introduced later as the bill moved through Parliament.