• The United Kingdom has officially legalized cryptocurrency after a long legislative journey, granting regulators the authority to oversee cryptocurrency and stablecoins.
• The Financial Services and Markets Bill, which was initially brought to the attention of lawmakers in 2022, includes provisions to incorporate cryptocurrency under regulatory scrutiny.
• This broad-spectrum bill is designed to provide a legal framework for crypto transactions, offering protection and clarity to individuals and businesses in the UK.
United Kingdom Legalizes Crypto
The United Kingdom has officially legalized cryptocurrency after a long legislative journey, granting regulators the authority to oversee cryptocurrency and stablecoins. In an historic move set to transform the financial landscape of the country, King Charles approved the Financial Services and Markets Bill Thursday which had been granted consent by lawmakers earlier last week.
FSM Bill Transforms into Law
The ceremonial act of royal assent marks the final stage of transformation of the FSM Bill into law and provides regulations with autonomy over their financial services rulebook due to U.K’s departure from EU. Financial Services Minister Andrew Griffith expressed that this enables them regulate crypto assets which will promote safe integration of these assets into U.K’s financial system.
Provisions Included Under FSM Bill
This bill includes an array of regulations aimed at decentralized finance from Bitcoin to Ethereum, Stablecoins to Non-fungible tokens (NFTs). This bill is designed to create an enabling environment that fosters growth and innovation in crypto space while providing robust protections against frauds and financial crimes. It also grants individuals and businesses clarity on how these crypto transactions would be handled under legal framework provided by this Act.
Crypto Regulatory Environment Gains Clarity
With this Act becoming law, it brings much needed clarity on regulatory environment for cryptocurrencies in U.K., allowing more people and businesses access these digital assets without fear of breaking any laws or regulations related with it as transactions now fall under government oversight.
Conclusion
The U.K joining other countries like U.S., Singapore who have already adopted similar measures shows that governments around world are recognizing importance cryptocurrencies bring regarding financial innovations as well as need for regulationg them so they can be used safely by citizens without risk of fraud or exploitation