UK's Financial Services and Markets Bill should be passed by spring 2023, Treasury says

12/20 00:03

According to Coindesk, the U.K.'s wide-ranging Financial Services and Markets Bill (FSMB), which could give regulators more power over crypto, should be passed into law by next spring, a Treasury spokesperson said. If the FSMB is passed as is, it will ensure crypto is treated as a regulated activity and give the Financial Conduct Authority (FCA) and Payments Systems Regulator power to regulate the sector and protect consumers. It is possible that the bill could end up being passed outside of the Treasury’s expected time frame. No Parliament sites have listed a timeline for the bill's passage yet. The Treasury is looking to release a consultation on how it will regulate crypto in the coming weeks.
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