- Cryptocurrencies are now officially recognized as a regulated financial activity
- This law was approved by King Charles
Thursday, June 29, Financial Services and Markets Act 2023 received the so-called royal assent from King Charles. Since that time, digital assets have been classified as a regulated financial activity in the UK.
This legislation was designed to tailor financial services regulation to the unique needs of the UK market and takes advantage of the opportunities created by Brexit. Its main goal is to improve the competitiveness of the UK as a global financial center while improving outcomes for consumers and businesses.
Last week, the bill was passed by the upper house of parliament. After obtaining the consent of lawmakers, royal assent became a purely procedural step that turns the bill into law, including measures to regulate cryptocurrencies and stablecoins.
Andrew Griffith, Economic Secretary to the Treasury, said this year is a pivotal year for financial services reform in the UK. He declared:
“This significant piece of legislation puts us in control of the financial services rulebook and it helps support UK businesses and consumers and helps drive economic growth.”