UK Passes Bill Recognizing Crypto as Regulated Financial Activity

 The UK has passed a bill that recognizes crypto as a regulated financial activity within the country.

The bill, known as the Financial Services and Markets Act 2023, received royal assent and was approved by King Charles on Thursday, making it an official law.

The government views this act as central to its vision of growing the economy and creating a technologically advanced financial services sector.

The bill grants regulators the power to govern crypto and stablecoins, representing a massive turning point in the regulation of digital assets.

Royal assent is the procedure required for legislation to become law in the UK, and it was the final step in the legislative process for this bill.

The Financial Services and Markets Bill was first introduced in July 2022 and aimed to reform the regulatory power of authorities over both traditional finance and the digital asset industry.

The approval of this bill gives the UK control over its financial services rulebook, providing support to UK businesses and consumers and driving economic growth 

The recognition of crypto as a regulated financial activity brings clarity and legitimacy to the industry, fostering trust and attracting more participants.

This move positions the UK as one of the leading jurisdictions in terms of crypto regulation, potentially attracting investments and businesses in the digital asset space.

 The passage of this bill demonstrates the UK's commitment to embracing technological advancements and creating an open and sustainable financial ecosystem.