United Kingdom Officially Embraces Cryptocurrency as a Regulated Financial Activity

• The Financial Services and Markets Act 2023 has officially become law in the United Kingdom. 
• The bill gives regulators the power to govern crypto and stablecoins.

The United Kingdom has passed a landmark bill recognizing cryptocurrencies as regulated financial activities within the country. This significant decision by the UK government has marked a remarkable turning point in the global crypto market. It reflects the growing acceptance and understanding of the potential of cryptocurrencies. 

On June 29, the UK government released a press release announcing that the country has officially passed the bill recognizing cryptocurrency as a regulated financial activity. Moreover, with King Charles’ approval and royal assent on Thursday, the Financial Services and Markets Act 2023 has officially become law. 

The UK government has mentioned this act as central to its vision to enhance the country’s economy. And also to create an opportunity, sustainable, and technologically advanced financial service sector. Moreover, the bill gives regulators the power to govern crypto and stablecoins. 

The law was introduced in July 2022 and changed the way regulators used to have authority over the financial industry. As a result, it now gives them the authority to regulate the digital asset sector as well.