- A law granting regulators the authority to oversee crypto and stablecoins in the United Kingdom was approved by King Charles on Thursday.
- According to Financial Services Minister Andrew Griffith, this Law allows us to “control your financial services rulebook”.
- The UK Treasury, the Financial Conduct Authority, the Bank of England, and the Payment Systems Regulator will be able to introduce and enforce rules to regulate the sector.
A bill preparing for the regulation of cryptocurrencies and stablecoins in the United Kingdom was approved today.
United Kingdom Approves Crypto Asset Bill
A law granting regulators the authority to oversee crypto and stablecoins in the United Kingdom was approved by King Charles on Thursday, marking the final official stage of the bill.
Royal approval is a procedural step following the agreement of the Members of Parliament and makes the Financial Services and Markets Act a Law, including measures to regulate crypto assets. The bill was approved by the upper house of Parliament last week.
According to Financial Services Minister Andrew Griffith, this Law allows us to “control your financial services rulebook” and enables the United Kingdom to implement regulations to support the safe adoption of crypto assets after leaving the EU.
The bill, introduced in July 2022, gives regulators more powers over the financial system, including cryptocurrencies. As the bill was debated in Parliament, changes were made to treat all cryptos as regulated activities and to regulate crypto promotions. Additionally, the bill will bring stablecoins within the scope of payment rules.
Following this, the UK Treasury, the Financial Conduct Authority, the Bank of England, and the Payment Systems Regulator will be able to introduce and enforce rules to regulate the sector.
The Treasury has been consulting on the rules it has proposed for the sector since February, in line with the Conservative Government’s goal of turning the country into a crypto hub.
Economy Minister Andrew Griffith said in April that new specific rules for the crypto sector could come within 12 months.
