King Charles on Thursday gave his approval to a U.K. bill, the final official step before it becomes law, granting regulators the authority to oversee cryptocurrencies and stablecoins.The Financial Services and Markets Bill becomes an Act and includes provisions to incorporate crypto and stablecoins under the purview of regulation after receiving royal assent, a purely formal step following agreement from MPs. The upper chamber of Parliament last week approved the bill.
Following the United Kingdom’s exit from the European Union, the Act “gives us control of our financial services rulebook,” allowing regulation of crypto assets to encourage their secure adoption in the United Kingdom, according to Financial Services Minister Andrew Griffith.The legislation, which was submitted in July 2022, increases the authority of regulators over the financial sector, including cryptocurrency. The addition of modifications to treat all cryptocurrency as a regulated activity and to oversee crypto marketing occurred while the bill was being discussed in Parliament.Stablecoins will also be covered under the bill’s payment regulations.
The Financial Conduct Authority, Bank of England, Treasury, and Payments Systems Regulator of the United Kingdom will soon be able to propose and enforce regulations to control the industry. To support the Conservative Government’s goal of making the nation a hub for the cryptocurrency industry, the Treasury has been conducting consultations on its proposed regulations for the industry since February. Griffith told CNBC in April that new specific regulations for the cryptocurrency industry could be introduced in the next year.