The United Kingdom (UK) is taking a step towards increasing regulatory clarity for cryptocurrencies with the final approval of a bill related to digital assets.
According to a new press release, the Financial Services and Markets Act (FSMB) 2023 has received Royal Assent, the latest step in the process of becoming law.
The bill allows regulators to create a framework that will allow for the secure adoption of crypto in the UK. The bill also authorizes the UK HM Treasury to enact crypto regulation.
Teana Baker-Taylor, vice president of policy and regulatory strategy at stablecoin publisher Circle, is praise the bill’s passage in a series of tweets and explains what it accomplishes.
Says Baker-Taylor,
“The UK Financial Services and Markets Bill has received royal assent, the latest step for this important piece of legislation, which brings stablecoins into the regulatory perimeter, designates crypto as a regulated activity and oversees crypto promotions.
[HM Treasury, Financial Conduct Authority and Bank of England] will continue to discuss the regulatory frameworks imposed by the FSMB. Economic Secretary of the Treasury [Andrew Griffith] has indicated that regulation is a priority and can be introduced within 12 months.
This transformational legislation is a major step towards the UK becoming a leading jurisdiction for digital assets and crypto innovation, bringing regulatory clarity to market participants and attracting investment to the UK. Kudos for that [Griffith] for this leadership in pushing forward this progressive legislation.”
Jeffery Allaire, the CEO of Circle, which issues USD Coin (USDC) and Euro Coin (EUROC), say the bill will result in clearer rules for stablecoins and the broader digital asset market.
“UK stablecoin and crypto market regulatory clarity coming.”
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Image generated: Midway through the journey