#Parliamentarians in the United Kingdom have approved a new law that would classify cryptocurrency as a regulated industry there.

The Financial Services and Markets Bill ( #FSMB ), which was approved on Monday by the House of Lords, the upper chamber of Parliament, now moves on to the legislative process.

The comprehensive measure, which is over 340 pages long, was unveiled in July in an effort to make the most of #Brexit-related freedoms and give authorities more control over the British financial system. Although a proposal to regulate stablecoins within the nation's payment regulations was included in the initial bill, revisions to treat all cryptocurrency as a regulated activity and provisions to oversee #crypto advertising were introduced later as the bill moved through Parliament.