UK financial markets bill authorizes regulation of stablecoins, service providers

07/20 20:04

The Financial Services and Markets Bill was introduced into the UK Parliament on July 20. The comprehensive bill, which was meant to preserve the UK’s leading place in the financial world post-Brexit, repealed retained EU laws, reformed certain insurance laws, supported victims of financial fraud and established new growth and competitiveness objectives. The bill also regulated stablecoins. Although stablecoin regulation was intended to be part of the bill from its inception, the fate of that regulation had become a matter of concern for some observers after the recent upheaval in crypto markets and the departure of pro-crypto members of the government earlier in July, which included Economic Secretary to the Treasury John Glen and Zahawi’s predecessor Rishi Sunak.

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