The crypto industry in the United Kingdom is now regulated by the Financial Service and Markets Bill.
The United Kingdom has legalized a bill that brings cryptocurrencies under the regulatory umbrella, similar to traditional assets.
This significant step, which occurred on June 29th, marks the Financial Service and Markets Bill's final stage after the royal assent from King Charles, which is the last requirement for a parliamentary bill to transform into law.
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On June 19th, the Financial Services and Markets Bill received the approval of the UK's upper parliamentary chamber.
However, the discussions on this bill have been ongoing in British Parliament since July 2022.
The anticipation surrounding this legislation is rooted in its expected role in providing legal transparency and encouraging the broader acceptance of cryptocurrencies within the country.
The legislation will empower the Financial Conduct Authority (FCA), the Treasury, the Bank of England, and the Payment Systems Regulator with the authority to regulate crypto-related firms. This is an enormous stride for the local crypto community.
The economic secretary to the UK Treasury, Andrew Griffith, shared insights on the legislation during an interview. He stated the country's objective is to leverage blockchain technology's advantages to the private sector and economy.
Griffith further expressed the long-term vision of enabling firms to exploit the benefits derived from crypto assets, provided the regulatory environment is adequate for crypto operations.
The impending legislation has the potential to act as a magnet for more cryptocurrency firms seeking to establish a presence in the UK, particularly considering the tightening regulatory climate globally.
One of the examples is the venture capital firm Andreessen Horowitz (A16z) recently announced the opening of its first office outside of the United States, choosing London as its new location.
