King Charles III has approved a bill aimed at regulating cryptocurrencies and stablecoins in the United Kingdom. Dubbed the Financial Services and Markets Act 2023, the new law classifies cryptocurrency trading as a regulated activity and places stablecoins within the scope of payment rules.
The law gives regulators more power to govern financial systems, including the digital asset industry. The bill, which won approval in the upper house of the British parliament last week, allows regulators including the Financial Conduct Authority (FCA), the Bank of England and the payments regulator, to introduce new rules in the digital asset sector.
Andrew Griffiths, the Treasury’s economist, said the new law provides an opportunity to adapt regulation of financial services to the UK market as the country is no longer part of the European Union. In addition, the law is expected to strengthen the audit and accountability powers of financial regulators.
“This landmark legislation gives us control of our financial services rulebook. It supports British businesses and consumers, driving growth,” Griffiths said in a statement. “By repealing the old EU laws put in place in Brussels, it will unlock billions in investment funds that can unlock innovation and grow the economy.”
With the new legislation, the UK expects to boost the safe adoption of cryptocurrencies in the country. It also expects to create a framework to facilitate the testing of new technologies such as blockchain in financial markets, HM Treasury explained in the statement.
UK restricts crypto promotions
The original version of the sweeping bill was introduced in July last year and suggested regulating stablecoins under rules for payment services. However, as the bill progressed through parliament, the amendment was introduced to treat cryptocurrency trading as a regulated activity. In addition, measures to control the promotion of digital assets were later included.
Griffiths said in an April interview with CNBC that specific rules for cryptocurrencies could be introduced within a year. According to Griffiths, the move is part of an agenda to establish the UK as a global hub for cryptocurrency technology.
while,
finance polesIt reported that the European Union passed the Markets in Crypto Assets (MICA) Regulation in May, making Europe the first jurisdiction to introduce comprehensive laws on digital assets. MiCA aims to protect European investors, promote environmental sustainability, and prevent money laundering in the cryptocurrency industry.
King Charles III has approved a bill aimed at regulating cryptocurrencies and stablecoins in the United Kingdom. Dubbed the Financial Services and Markets Act 2023, the new law classifies cryptocurrency trading as a regulated activity and places stablecoins within the scope of payment rules.
The law gives regulators more power to govern financial systems, including the digital asset industry. The bill, which won approval in the upper house of the British parliament last week, allows regulators including the Financial Conduct Authority (FCA), the Bank of England and the payments regulator, to introduce new rules in the digital asset sector.
Andrew Griffiths, the Treasury’s economist, said the new law provides an opportunity to adapt regulation of financial services to the UK market as the country is no longer part of the European Union. In addition, the law is expected to strengthen the audit and accountability powers of financial regulators.
“This landmark legislation gives us control of our financial services rulebook. It supports British businesses and consumers, driving growth,” Griffiths said in a statement. “By repealing the old EU laws put in place in Brussels, it will unlock billions in investment funds that can unlock innovation and grow the economy.”
With the new legislation, the UK expects to boost the safe adoption of cryptocurrencies in the country. It also expects to create a framework to facilitate the testing of new technologies such as blockchain in financial markets, HM Treasury explained in the statement.
UK restricts crypto promotions
The original version of the sweeping bill was introduced in July last year and suggested regulating stablecoins under rules for payment services. However, as the bill progressed through parliament, the amendment was introduced to treat cryptocurrency trading as a regulated activity. In addition, measures to control the promotion of digital assets were later included.
Griffiths said in an April interview with CNBC that specific rules for cryptocurrencies could be introduced within a year. According to Griffiths, the move is part of an agenda to establish the UK as a global hub for cryptocurrency technology.
while,
finance polesIt reported that the European Union passed the Markets in Crypto Assets (MICA) Regulation in May, making Europe the first jurisdiction to introduce comprehensive laws on digital assets. MiCA aims to protect European investors, promote environmental sustainability, and prevent money laundering in the cryptocurrency industry.