A UK bill that proposes stablecoin and crypto regulation as well as providing crypto promotion supervisions has been approved by the second chamber of the Houses of Parliament, the House of Lords.
The Financial Services and Markets Bill (FSMB) has already been approved by the House of Commons, meaning that it will now enter the final stages: Consideration of Amendments and Royal Assent.
Consideration of Amendments is a final reading of the bill by both Houses. In this case, the House of Commons will make any amendments to the bill they see fit before the House of Lords approve or deny these changes. The bill will go back and forth until there is an agreement between the Houses.
Royal Assent is where the King formally agrees to make the bill a law. The last time a bill was denied by the Monarch was in 1708 with the Scottish Militia Bill.
As a result, it’s likely that some form of the 340-page document will be made UK law in the near future.