The House of Lords passed the Financial Services and Markets Bill today, which aims to regulate bitcoin and crypto in the UK.
Rocket boost for the economy
The upper house of the British government, the House of Lords, has voted to pass into law the Financial Services and Markets Bill that will see the UK embark on a path of acceptance of cryptocurrencies as “regulated activity”.
Such a bold move from the UK really puts it on the map as regards its announcement last year which stated that it wished to be a global hub for crypto, and flies completely contrary to the anti-crypto environment that permeates the Biden administration in the US.
Hailed as a “Rocket Boost for [the] UK economy” on the UK Gov website, the bill aims to make a “technologically advanced financial services sector” that is “open”, and which will “grow the economy”.
As well as moving away from the US rejection of the crypto industry, the UK will repeal all the old laws that were passed in Brussels w
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