The introduction of the anticipated Financial Services and Markets Bill into the United Kingdom’s Parliament was reportedly carried out on July 20th, marking a milestone for crypto regulations regardless of hardships. 

Specifically, The comprehensive bill, with an initial target of preserving the U.K. ‘s leading role in the financial space post-Brexit, reportedly revoked retained EU regulationed, reformed a few insurance legislations, supported victims of financial fraud, established new growth and competitiveness objectives, along with forming regulations for stablecoins. 

The apperance of stablecoin legislatin in the bill was confirmed the evening prior to in the programmatic speech delivered by Chancellor of the Exchequer Nadhim Zahawi.

Although the initial intention of stablecoin regulation was to be included within the scope of the bill from its inception, the fate of that regulation had turned into a concerning issue for a few observers, following the recent disturbance throughout in crypto markets, as well as the leaving of pro-crypto authoritative members July this year, which included Economic Secretary to the Treasury John Glen and Zahawi’s predecessor Rishi Sunak.

The bill reportedly widened the scope of the Banking Act of 2009 and Financial Services (Banking Reform) Act of 2013 to include “digital settlement assets” (DSAs), as well as granting authorization for the Treasury to regulate DSAs, payments made with DSAs, DSA service providers and DSA insolvency arrangements. 

Said regulations will reportedly be finalized with consultation with the Financial Conduct Authority (FCA), the Bank of England and other regulators as appropriate.

Bank of England deputy governor for financial stability Jon Cunliffe, who has previous expressed a cynic attitude towards crypto, has repeatedly called for greater crypto regulation.

He reportedly mande a comparison of the the existing cryptocurrency regulatory framework to “unsafe aeroplanes” via a speech on July 12, mentioning directly the fall of Terra (LUNA) – now dubbed “Terra Classic (LUNC)”. 

The FCA registers firms providing crypto services. Obtaining that registration has proven to be a challenge for numerous contenders.