The Financial Services and Markets Bill was introduced into the United Kingdom's Parliament on Wednesday. The comprehensive bill, which was meant to preserve the U.K.’s leading place in the financial world post-Brexit, repealed retained EU laws, reformed certain insurance laws, supported victims of financial fraud and established new growth and competitiveness objectives. The bill also regulated stablecoins.
The presence of stablecoin regulation in the bill was confirmed the evening before in the programmatic speech delivered by hancellor of the Exchequer Nadhim Zahawi. Although stablecoin regulation was intended to be part of the bill from its inception, the fate of that regulation had become a matter of concern for some observers after the recent upheaval in crypto markets and the departure of pro-crypto members of the government earlier in July, which included Economic Secretary to the Treasury John Glen and Zahawi’s predecessor Rishi Sunak.
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