The United Kingdom (UK) is taking a step to increase regulatory clarity for cryptocurrencies with the final passage of a bill related to digital assets.
According to a new press release, the Financial Services and Markets Act (FSMB) of 2023 was granted Royal Assent, the final step in the process to become law.
The bill allows regulators to create a framework that will enable the safe adoption of cryptocurrencies in the UK. The bill also empowers the UK HM Treasury to set crypto regulations.
Teana Baker-Taylor, vice president of regulatory policy and strategy at stablecoin issuer Circle, is praising approval of the bill in a series of tweets, as well as explaining what it accomplishes.
Says Baker-Taylor,
โThe UK Financial Services and Markets Bill has received Royal Assent, the final step in this important piece of legislation, which brings stablecoins into the regulatory perimeter, designates cryptocurrency as a regulated activity and oversees cryptocurrency promotions. .
[HM Treasury, Financial Conduct Authority and Bank of England] will continue to consult on the regulatory frameworks required by the FSMB. Economic Secretary of the Treasury [Andrew Griffith] has indicated that the development of standards is a priority and could be introduced within 12 months.
This transformative legislation is a major step forward for the UK to become a leading jurisdiction for digital assets and crypto innovation, establishing regulatory clarity for market participants and attracting UK investment. Congratulations to [Griffith] for this leadership in pushing forward this progressive legislation.โ
Jeffery Allaire, the CEO of Circle, which issues USD Coin (USDC) and euro coin (EUROC), says the bill will result in clearer rules for stablecoins and the broader digital asset market.
โUK stablecoin and cryptocurrency market regulatory clarity nears.โ
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