The Financial Services and Markets Act, which affects regulation in the UK of the crypto-currency sector, received final approval.
The approval was preceded by the adoption of a comprehensive document that updated the supervision of the financial industry after Brexit.
The Financial Services and Markets Act empowers regulators to develop a structure for the digital asset sector. It aligns with Prime Minister Rishi Sunak’s ambition to turn the UK into a global crypto hub.
The document allows the creation of regulatory sandboxes that allow experimentation with blockchain use cases in financial markets. It also secures the status of a means of payment for stablecoins.
After parliamentary consideration, the bill was amended to consider all cryptocurrencies as a regulated activity and give authorities the power to oversee their advertising.
“The passage gives us control over the financial services rulebook – the law supports businesses and consumers, and also stimulates economic growth. The abolition of old EU regulations will attract billions of investments,” Treasury Secretary Andrew Griffith said.
Recall that the Deputy Governor of the Bank of England, John Cunliffe, proposed to regulate digital assets by analogy with traditional finance. He also pointed out that decentralized protocols do not yet provide an effective way to manage risk.
In December 2022, Cunliffe called for the creation of a regulatory framework for cryptocurrencies before “systemic problems” arise.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The Financial Services and Markets Act, which affects regulation in the UK of the crypto-currency sector, received final approval.
The approval was preceded by the adoption of a comprehensive document that updated the supervision of the financial industry after Brexit.
The Financial Services and Markets Act empowers regulators to develop a structure for the digital asset sector. It aligns with Prime Minister Rishi Sunak’s ambition to turn the UK into a global crypto hub.
The document allows the creation of regulatory sandboxes that allow experimentation with blockchain use cases in financial markets. It also secures the status of a means of payment for stablecoins.
After parliamentary consideration, the bill was amended to consider all cryptocurrencies as a regulated activity and give authorities the power to oversee their advertising.
“The passage gives us control over the financial services rulebook – the law supports businesses and consumers, and also stimulates economic growth. The abolition of old EU regulations will attract billions of investments,” Treasury Secretary Andrew Griffith said.
Recall that the Deputy Governor of the Bank of England, John Cunliffe, proposed to regulate digital assets by analogy with traditional finance. He also pointed out that decentralized protocols do not yet provide an effective way to manage risk.
In December 2022, Cunliffe called for the creation of a regulatory framework for cryptocurrencies before “systemic problems” arise.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!