UK passes bill recognising bitcoin and crypto as regulated activity
The House of Lords passed the Financial Services and Markets Bill today, which aims to regulate bitcoin and crypto in the UK....
- The House of Lords in the UK has passed the Financial Services and Markets Bill, which aims to regulate bitcoin and crypto in the country.
- This move positions the UK as a global hub for cryptocurrencies and contrasts with the anti-crypto stance of the Biden administration in the US.
- The bill aims to create a technologically advanced and open financial services sector that will boost the UK economy.
- The UK will repeal old EU laws and establish Sandboxes for testing crypto financial technologies.
- Other jurisdictions, such as the European Union, Hong Kong, Singapore, and Dubai, are also competing for a share of the crypto industry.
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What bill did the House of Lords pass regarding bitcoin and crypto in the UK?How does the UK's move contrast with the US government's stance on cryptocurrencies?What are the aims of the Financial Services and Markets Bill in the UK?What actions will the UK take to regulate and promote the adoption of crypto assets?Which other jurisdictions are competing for a share of the crypto industry?