UK Crypto and Stablecoin Rules Pass Into Law after Receiving Royal Assent.
On Thursday, King Charles approved a U.K. bill that grants regulators the authority to oversee cryptocurrencies and stablecoins. This marks the final stage that officially turns the bill into law. Royal assent, a procedural step following agreement from lawmakers, transforms the Financial Services and Markets Bill into an Act, which includes measures to bring cryptocurrencies and stablecoins within the scope of regulation. Last week, the bill was approved by the upper chamber of Parliament.
The Act enables the U.K. to have control over its financial services rulebook after its departure from the EU. It allows for the regulation of crypto assets to promote their safe adoption in the U.K., according to Financial Services Minister Andrew Griffith’s statement.
Introduced in July 2022, the bill grants regulators increased power over the financial system, including cryptocurrencies. During the parliamentary debates, amendments were made to categorize all crypto activities as regulated and to supervise crypto promotions. The bill will also subject stablecoins to payment rules.
The U.K.’s Treasury, Financial Conduct Authority, Bank of England, and the Payments Systems Regulator will soon have the ability to introduce and enforce regulations within the sector.
- Slovakia Parliament approves lower crypto taxes.
- Canadian lawmakers are calling for a comprehensive blockchain strategy.
- Liquidity of Bitcoins may soon change despite limited movement.
Since February, the Treasury has been seeking input on its proposed regulations for the sector, aligning with the Conservative Government’s goal of transforming the country into a crypto hub. Griffith mentioned in April that specific rules for the crypto sector could be established within 12 months.
Read more: UK Crypto Firms to Get Broad Laws, May Need New Authorization
Edited by Sandali Handagama.