UK regularises crypto & stable coins, bill receives Royal Assent to become an Act

As per the latest reports, UK's crypto bill has sought royal assent, meaning that the bill has been approved by King Charles, thereby making the Financial Services and Markets Bill (FSMB) an Act. Hence, it is anticipated that now nearly 340-page document will be made UK law in the coming future.

The above-mentioned bill was approved by the House of Lords on 19 June, and on Thursday received royal consent. The said move will now bring crypto and stablecoins into the scope of regulation.

Landmark moment for the crypto industry

As the bill transits itself into an Act, it is a watershed moment for cryptocurrency regulation in the country, providing much-needed legal clarity. The UK government will now need to develop detailed regulations to make the bill law, with the FCA expected to play a pivotal role.

The new Act will allow the Treasury, the Bank of England, the Financial Conduct Authority (FCA) as well as the Payments Systems Regulator to introduce and enforce official regulations for crypto businesses.

In the words of Andrew Griffith, UK’s Financial Services Minister, “The Act "gives us control of our financial services rulebook," following the U.K.'s exit from the EU, enabling regulation of crypto assets to support their safe adoption in the U.K.”

The UK Treasury in the press release stated, “It “enables the regulation of crypto assets to support their safe adoption in the UK” and called this move a “rocket boost” for the economy.

It must be noted that when the bill was debated in Parliament, amendments were added to supervise crypto promotions and to treat all cryptos as a regulated activity.

Interestingly, the move indicates the UK’s ambition to become a hub for crypto innovation, opine experts.