UK Steps Closer to Crypto Clarity With New Act

Summary

  • The UK is taking steps to increase regulatory clarity for cryptocurrencies with the final approval of the Financial Services and Markets Act (FSMB) 2023.
  • The bill enables regulators to create a framework that will allow the safe adoption of crypto in the UK and empowers HM Treasury to establish crypto regulations.
  • Jeffery Allaire, CEO of Circle says the bill will result in clearer rules for stablecoins and the broader digital asset market.

UK on Path Toward Crypto Clarity

The United Kingdom (UK) is taking a step to increase regulatory clarity for cryptocurrencies with the final approval of a bill related to digital assets. According to a new press release, the Financial Services and Markets Act (FSMB) 2023 was granted Royal Assent, the final step in the process to become law. The bill enables regulators to create a framework that will allow the safe adoption of crypto in the UK. The bill also empowers the UK’s HM Treasury to establish crypto regulations.

Expert Reactions

Teana Baker-Taylor, vice president for policy and regulatory strategy at stablecoin issuer Circle, is praising the bill’s passage in a series of tweets as well as explaining what it accomplishes. Says Baker-Taylor, “The UK’s Financial Services and Markets Bill has received Royal Assent, which brings stablecoins into the regulatory perimeter, designates crypto as regulated activity and supervision of crypto promotions. [HM Treasury, Financial Conduct Authority and Bank of England] will continue consulting on the regulatory frameworks mandated by