UK House of Lords Approve Crypto Regulatory Bill – The possible approval of the bill coming from King Charles III could benefit Britain’s ambitions to become a crypto hub.
Next Steps and Anticipated Impact of Crypto Regulatory Bill
Most House of Lords members voted in favor of the bill that aims to establish standards in the cryptocurrency sector and regulate the usage of stablecoins. The legislation, introduced to the Parliament last summer. It was initially sought to stabilize Britain’s financial condition after leaving the European Union (a process known as “Brexit”).
The most recent instance of a British monarch refusing to give royal assent to legislation passed by the House of Commons and the House of Lords dates back to 1708.
During that time, Queen withheld royal assent for the Scottish Militia Bill due to concerns that the proposed unit would not remain loyal to the crown, as advised by her ministers.
There are lawmakers who believe that the Financial Services and Markets Bill could become law in the coming months. One such example is Andrew Griffith, a Member of Parliament and the economic secretary to the UK Treasury, who anticipates that the UK will have established appropriate regulations for the cryptocurrency industry by April 2024.
The Crypto Hub Ambitions
The United Kingdom has outlined its plans to become a global cryptocurrency center, taking numerous initiatives towards that goal.
Moreover, Coinbase’s CEO – Brian Armstrong – praised the country’s attitude, maintaining that the domestic authorities have realized the sector’s potential and are willing to implement comprehensive rules in it.
Another factor that could help Britain reach its goal might be its Prime Minister Rishi Sunak. He said in 2022 (while serving as Finance Minister) that his ambition is to make the nation a “global hub for crypto asset technology.”