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UK Officially Approves Cryptocurrency and Stablecoins as Regulated Financial Activity

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The UK House of Lords has today approved the Financial Services and Markets Bill.

This moves proves to be a major one in the United Kingdom’s efforts to control cryptocurrency assets as well as their providers.

The country has approved a groundbreaking bill that recognized cryptos as regulated financial activities in the United Kingdom.

This remarkable decision by the UK authorities has made a great landmark within the global cryptocurrency market.

This highlights the increasing understanding and acceptance of the importance of cryptocurrencies.

READ ALSO:UK Law Commission Contemplates Amendments to Crypto Assets Property L

More Details of the Story

On Thursday, June 29, King Charles III gave Royal Assent to a groundbreaking bill to gain back dominance of the financial services regulations.

The United Kingdom authorities announced that it has officially approved the bill which recognizes crypto as a regulated financial activity.

Furthermore, the approval of the bill by King Charles through Royal Consent has automatically turned the Financial Services and Markets Act 2023 into law.

Improving the Economy of the United Kingdom

According to the UK Treasury spokesperson, this latest bill is viewed as a “rocket boost” to the United Kingdom economy.

Moreover, the economy is still surviving the ravages of the pandemic and its exit from the Continent.

The Treasury further clarifies that the new bill allows the control of cryptocurrency assets to support their safe adoption within the United Kingdom.

As per Andrew Griffith, the Treasury’s Economic Secretary statement, “this year is showing that it is a flag year for UK’s financial services reformation.”

Furthermore, the United Kingdom has stated that this new bill is the focus of its vision to improve the economy of the country.

Also, to create sustainable opportunities, as well as technologically improved within the financial service industry.

In addition, the Act allows regulators to govern cryptocurrency and stablecoins.

Previously in July last year, the law was established and it transformed the way that regulators formerly wield power over the financial space.

However, at present, the law allows regulators the power to govern the digital assets industry.

As per Andrew Griffith’s statement, this groundbreaking bill is part of the legislation which empowers them to take charge of their financial rulebook.

As a result, the bill is in support of the United Kingdom’s consumers and businesses and increases its growth.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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