The UK’s Financial Services and Markets Bill could enter into force in the spring of 2023.
The bill, which is currently under discussion, will give regulators more power over the cryptocurrency industry.
A Treasury spokesperson said the sweeping Financial Services and Markets Act (FSMB), which will give regulators more power over the crypto sector, should be passed by next spring.
The FSMB, which was previously discussed in the House of Commons, will now be discussed in the upper house of parliament, the House of Lords. If both houses agree, it will be sent to King Charles III for approval.
A spokesperson for the Treasury said:
“This will of course be an important milestone. Replacing and amending burdensome parts of EU law will enable us to make significant progress on measures to adopt crypto-asset technology and consumer protection.”
Since the collapse of FTX, many regulators have been willing to take action for the crypto industry. However, the country also wants to become a cryptocurrency center in the world.
If the FSMB becomes law without modification, the FCA will take over its consumer protection mandate. The FCA currently only has powers to register crypto companies and prevent money laundering.
