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 <a href="https://www.cryptoknowmics.com/news/ecb-report-says-stablecoins-are-not-practical-as-a-mode-of-payment/" target="_blank" rel="noopener">stablecoins</a>. 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.

https://twitter.com/hmtreasury/status/1549770325621149696
<h2>Financial Services (Banking Reform) Act of 2013</h2>
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 <a href="https://www.gov.uk/government/organisations/hm-treasury" target="_blank" rel="nofollow noopener">Treasury</a> the authority to control DSAs, payments made with DSAs, service providers for DSAs, and DSA insolvency plans. The Financial Conduct Authority (FCA), the Bank of England, and other regulators will be consulted as necessary during the creation of such regulations.

Jon Cunliffe, the deputy governor for financial stability at the Bank of England, has a history of being skeptical of cryptocurrencies and has consistently argued for further regulation of the industry. In a lecture on July 12, he compared the present cryptocurrency regulatory environment to "unsafe aeroplanes," citing notably the demise of <a href="https://www.cryptoknowmics.com/news/top-cryptocurrency-exchanges-that-suspended-terra-luna-transactions/" target="_blank" rel="noopener">Terra (LUNA)</a>, now known as Terra Classic (LUNC). The FCA-registered businesses offer cryptocurrency services. For many competitors, getting that registration has proven to be complicated.

Financial Services and Market Bill Gets Introduced in U.K. Parliament

In the U.K. Parliament, the Financial Services and Markets Bill was presented on Wednesday. The comprehensive measure removed retained E.U. legislation, changed some insurance laws,

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Financial Services and Market Bill Gets Introduced in U.K. Parliament

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