King Charles Provides Royal Assent To UK Crypto Bill
Milestone Date: June 29, 2023
The Financial Services and Markets Bill, introduced in the United Kingdom and that classifies crypto as a regulated financial activity, has been given Royal Assent by King Charles. This step makes the Bill an Act, thus making it law.
The Bill was introduced in July 2022 and became the Financial Services and Markets Act in June 2023. In addition to giving more power to regulators over the financial system, including crypto and stablecoins, the press release by the HM Treasury also states that the Act:
- Enhances the scrutiny of the financial services regulators to ensure clear accountability, appropriate democratic input, and transparent oversight.
- Removes unnecessary restrictions on wholesale markets – implementing the key outcomes of the Wholesale Markets Review.
- Protects free access to cash in law and introduces crucial protections for victims of Authorized Push Payment scams.
- Enables the regulation of crypto assets to support their safe adoption in the UK.
- Establishes ‘sandboxes’ that can facilitate the use of new technologies such as blockchain in financial markets.
Economic Secretary to the Treasury, Andrew Griffith, expressed his belief that the Financial Services and Markets Act 2023 will support UK businesses and consumers in a way that ultimately drives economic growth for the country.
By Elizabeth Morrison
Published:June 29, 2023
Government of the United Kingdom (UK)