The British Oberhaus agrees with a law to regulate cryptocurrencies

The British Oberhaus agrees with a law to regulate cryptocurrencies

The British Financial Service and Market Act (a law proposal that affects traditional financial services and cryptocurrencies) has progressed after the upper chamber of the parliament-the House of Lords-has approved.

It is now in the final reading in which the lower house is authorized to make changes. Legislation can go back and forth before the two chambers of parliament achieve a complete agreement.

What's next?

Most House of Lords Members voted from Appreciation that aims to establish standards in the cryptocurrency sector and use the use of To regulate stable coins. The law presented to Parliament last summer initially aimed to stabilize the Great Britain financial situation after leaving the European Union (a process known as a "Brexit").

At a later point in time, however, the authorities announced their intention to regulate stable coins and suggested to subject them to the country's rules of payment. Shortly afterwards, they insisted that all digital currencies should correspond to the existing laws.

The approval of the House of Lords means that the draft law now enters the last phase: examination of the amendments and royal approval. This is the last reading in which both chambers of parliament can discuss any changes. As soon as you make a final agreement, the decree of King Charles III. to be signed to be official.

It is worth noting that the last time that a British monarch rejected a law adopted by the lower house and the upper house in 1708. At that time Queen Holded back She received the royal approval of the Scottish militia law after her ministers had not noted that such a unity of the crown would not be loyal.

Some legislators believe that the law on financial services and markets could see the light of the world in the following months. An example is Andrew Griffith-Minister of Economic Affairs of the British Ministry of Finance and member of the parliament-the thinks Preserver-Spaces = "True"> The United Kingdom will have been imposed on the crypto industry until April 2024.

The ambitions of the Crypto Hub

The United Kingdom has shown its plans to become a global cryptocurrency center and took numerous initiatives for this goal. The CEO of Coinbase - Brian Armstrong - praised the country's attitude and claimed that the domestic authorities had recognized the potential of the sector and were willing to implement comprehensive rules.

Andreessen Horowitz-A risk capital giant that actively invests in Krypto and Web3-also believes that Great Britain can become a center for digital assets. As such, it is recently opened an office in London (the first outside of the United States). The company is also planning to found a crypto startup school in the United Kingdom to search for talented people in the crypto area.

Another factor that could help Britain to achieve his goal could be his prime minister Rishi Sunak. He called in 2022 (during his term as finance minister) he said that his goal was to make the country a "global center for crypto-asset technology".

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