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UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law
The Financial Services and Markets Act 2023 classifies crypto as a regulated financial activity.
Updated Jun 29, 2023, 6:40 p.m. Published Jun 29, 2023, 2:13 p.m.
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A U.K. bill giving regulators the power to supervise crypto and stablecoins was approved by King Charles Thursday, marking the last formal stage that makes the bill law.
Royal assent, a purely procedural step following agreement from lawmakers, makes the Financial Services and Markets Bill an Act, and includes measures to bring crypto and stablecoins into the scope of regulation. The bill was last week approved by the upper chamber of Parliament.
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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., said Financial Services Minister Andrew Griffith in a statement.
The bill, which was introduced in July 2022, gives regulators more power over the financial system, including crypto. While the bill was debated in Parliament, amendments were added to treat all crypto as a regulated activity and to supervise crypto promotions. The bill will also bring stablecoins into the scope of payments rules.
The U.K.’s Treasury, Financial Conduct Authority, Bank of England, and the Payments Systems Regulator will soon be able to introduce and enforce rules to regulate the sector.
The Treasury has been consulting on its proposed rules for the sector since February, in line with the Conservative Government’s objective to turn the country into a crypto hub. New specific rules for the crypto sector could come within 12 months, Griffith told CNBC in April.
Read more: UK Crypto Firms to Get Broad Laws, May Need New Authorization
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