The Financial Services and Markets Bill was presented in the U.K. Parliament on Wednesday. The comprehensive measure removed retained E.U. legislation, changed some insurance laws, helped victims of financial crime, and set new development and competitiveness goals to maintain the U.K.’s leadership position in the financial sector after Brexit. The bill likewise governed stablecoins. Stablecoin legislation was approved The previous evening during the chancellor of the Exchequer Nadhim Zahawi’s thematic speech. Although stablecoin regulation was always intended to be a part of the bill, some observers were worried about its future in light of the recent turmoil in the cryptocurrency market and the departure of pro-crypto members of the government earlier in July, including Rishi Sunak’s predecessor John Glen and Economic Secretary to the Treasury. 2. Embracing cryptoasset technology to establish a stablecoin regime and enable the use of a wider set of payment methods in the UK. pic.twitter.com/OByPNFQJh0 — HM Treasury (@hmtreasury) July 20, 2022 Financial Services (Banking Reform) Act of 2013 The measure extended the Banking Act of 2009 and the Financial Services Act. The Banking Act of 2009 and the Financial Services (Banking Reform) Act of 2013 were expanded to include “digital settlement assets” (DSAs) by the law. It gave the Treasury the authority to control DSAs, payments made with DSAs, service providers for DSAs, and DSA...
