The Financial Services and Markets Act 2023 has officially become law in the United Kingdom.
The bill gives regulators the power to govern crypto and stablecoins.
The United Kingdom has passed a landmark bill recognizing cryptocurrencies as regulated financial activities within the country. This significant decision by the UK government has marked a great turning point in the global crypto market. It reflects the growing acceptance and understanding of the potential of cryptocurrencies.
On June 29, the UK government released a press release announcing that the country has officially passed the bill recognizing cryptocurrency as a regulated financial activity. Moreover, with King Charles’ approval and royal assent on Thursday, the Financial Services and Markets Act 2023 has officially become law.
Royal assent is a procedure required for legislation to pass into law within the UK. There are some developments in the Financial Services and Markets Act. Moreover, the Chamber of Parliament has approved the bill in the last week. Subsequently, King Charles approved the legislative action today.
Enhancing the United Kingdom’s Economy
The UK government has mentioned this act as central to its vision to enhance the country’s economy. And also to create an opportunity, sustainable, and technologically advanced financial service sector. Moreover, the bill gives regulators the power to govern crypto and stablecoins.
The law was introduced in July 2022 and changed the way regulators used to have authority over the financial industry. As a result, it now gives them the power to regulate the digital asset sector.
Andrew Griffith, Economic Secretary of the Treasury, stated that the landmark bill is a piece of legislation that gives them control of their financial rulebook. So it supports UK businesses and consumers and drives growth.
The bill ultimately grants the ability to establish and enforce regulatory regulations in the sector to the UK Treasury, Financial Conduct Authority, Bank of England, and Payments System Regulation Authority. By officially recognizing cryptocurrencies as regulated financial activities, the government has paved the way for greater mainstream adoption.