The UK may pass the Financial Services and Markets Act next spring, which will clarify the responsibilities of encryption regulators

The Financial Services and Markets Bill (FSMB), which is expected to be passed and become law next spring, has already been debated in the House of Commons and will be held in the House of Lords on January 10, CoinDesk reported, citing a spokesman for the U.K. Treasury. On second reading, when both Houses of Parliament agree, the bill will then be sent to King Charles III to be enacted. If the FSMB is passed, it will ensure that cryptocurrencies are considered regulated activities and give the UK’s Financial Conduct Authority (FCA) and Bank of England the power to regulate systemic cryptocurrencies and stablecoins. Additionally, the U.K. Treasury plans to issue an advisory opinion on how to regulate cryptocurrencies in the coming weeks.