We know that legal regulations are extremely important in the cryptocurrency field. On the other hand, some countries are making moves at this point. Some countries have made significant progress. The last example of country to take the lead came from England. Let’s have a look at the details.
UK takes control of cryptocurrency regulation
What does the Financial Services and Markets Act 2023 do? It classifies the crypto space as a regulated financial activity. Recently, a UK bill that empowers regulators to oversee cryptocurrencies and stablecoins is in the final stages to become law, with approval from King Charles.
Royal approval of the Financial Services and Markets Bill, following its approval by MPs, marks an important milestone. The law empowers regulators to regulate cryptos and stablecoins. Accordingly, it allows the UK to administer the post-Brexit financial services rulebook. Financial Services Minister Andrew Griffith made an important statement at this point. He highlighted the importance of regulating the crypto space to ensure their safe adoption in the UK.
Key players are empowered for editing
The bill, introduced in July 2022, gives regulators greater powers over the financial system, including the cryptocurrencies space. During the parliamentary debates, there were important discussions. Changes have been made to classify the entire crypto space as a regulated activity and to oversee crypto promotions. Additionally, the bill expands the scope of payment rules to include stablecoins.
In the near future, the UK Treasury, Financial Conduct Authority, Bank of England and Payment Systems Regulator will have the mandate to set and enforce rules to regulate the crypto industry. The Treasury is in line with the Government’s vision of transforming the country into a cryptocurrency hub. Accordingly, consultations have been taking place since February to develop specific rules for the sector. Financial Services Minister Andrew Griffith also announced the time. Accordingly, he explained that these new rules for the crypto industry could be implemented in the next 12 months.
A very important step for the cryptocurrency space
With the approval of the UK bill, cryptocurrency regulation takes center stage. The enactment of the Financial Services Act 2023 marks an important milestone. cryptocoin.com As we noted, it demonstrates the UK’s commitment to ensuring the safety and security of crypto assets. Accredited regulators are now preparing to introduce comprehensive rules that will shape the future of the cryptocurrency industry in the country.
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