TechFlow reports that UK lawmakers have voted to pass a new bill classifying cryptocurrency as a regulated activity. The bill, covered under the Financial Services and Markets Bill (FSMB), was introduced in July last year and aims to strengthen the UK's post-Brexit financial system.
While the initial proposal focused only on stablecoins, amendments made as the bill progressed through Parliament have now expanded its scope to cover all cryptocurrencies, including measures to oversee cryptocurrency promotions. The bill has already been approved by the House of Lords and will now return to the House of Commons for discussion of the final version. Once both chambers reach agreement and royal assent is granted, it will formally become law.
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