- Cryptocurrencies are now officially recognized as a regulated financial activity
- This law was approved by King Charles
On Thursday, June 29, the Financial Services and Markets Act 2023 received so-called royal assent from King Charles. Since then, digital assets have been classified as a regulated financial activity in the UK.
This law was designed to adapt financial services regulation to the unique needs of the British market and takes advantage of the opportunities created by Brexit. Its main goal is to improve Britain’s competitiveness as a global financial center while improving outcomes for consumers and businesses.
The bill passed the upper house of parliament last week. After getting lawmakers’ approval, the royal sanction was a purely procedural step that turns the bill into a law that includes measures to regulate cryptocurrencies and stablcoins.
Andrew Griffith, economic secretary to the Treasury, said that this year is a crucial year for financial services reform in the U.K.. He said:
“This significant piece of legislation gives us control over a set of rules around financial services, and it helps support British businesses and consumers and helps to stimulate economic growth.”
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