ChainCatcher news, according to CoinDesk, members of the House of Lords in the UK expressed support for the country's digital asset property bill during the second reading session on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step for the UK in paving the way for domestic cryptocurrency use.The bill was drafted by the independent statutory body, the Law Commission, and was introduced in the UK in September. The bill adds a new category of "items" under the category of property to help resolve legal disputes involving cryptocurrencies. This bill will not only assist judges in criminal cases where cryptocurrencies are stolen due to fraud or hacking but will also aid in the division of marital property.

ChainCatcher news, the House of Lords in the UK passed the Economic Crime and Corporate Transparency Bill on Tuesday, which will assist law enforcement agencies in seizing and freezing cryptocurrencies used for crime.In March this year, the UK government stated that combating crime involving cryptocurrencies is part of its three-year economic crime agenda, adding cryptocurrency strategic advisors to police departments nationwide to help identify and confiscate digital assets related to crime. The approval in the House of Lords means the bill will return to the House of Commons for final consideration. Once both houses agree on the bill, the King will need to sign it into law. (CoinDesk)

ChainCatcher news, the Financial Services and Markets Bill (FSMB) has been approved by the House of Lords, recognizing cryptocurrency as a regulated activity and stablecoins as a means of payment under existing law. The FSMB will then be sent back to the House of Commons to agree on the final version. Once both houses agree on the document, it will be sent to the King for approval and become law. (source link)