When signed by King Charles, the Financial Services and Markets Bill that will subject cryptocurrencies to similar regulations as traditional assets.
The UK government is nearing final approval of a bill that would bring cryptocurrencies under the same rules as traditional assets. The Financial Services and Markets Bill, which was approved by the House of Lords on June 19, is now awaiting royal assent, meaning that the last step is the signature of King Charles:
#HouseOfLords conducts ‘tidy up’ of the #FinancialServicesBill from 3.15pm before it is returned to @HouseOfCommons to consider Lords changes.
📄 Find out more https://t.co/kZYuE22bId
📺 Watch online https://t.co/MXe7B0XhMX pic.twitter.com/hPec0CXTm1
— House of Lords (@UKHouseofLords) June 19, 2023
This bill will allow the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payments Systems Regulator to create official regulations for crypto businesses.
Key provisions of the bill include a new regulatory framework for stablecoins, measures to protect consumers from potential fraud and financial loss in the crypto market and a framework to foster innovation in the crypto industry with outlines to develop services and products.
The passage of the Financial Services and Markets Bill could be a watershed moment for cryptocurrency regulation in the UK, providing much-needed legal clarity. Once the bill receives royal assent, the government will need to develop detailed regulations to implement the bill’s provisions, with the FCA expected to play a pivotal role.
Andrew Griffith, the economic secretary to the U.K. Treasury, told CNBC in an interview on April 19 that within the year, the U.K. is set to see a comprehensive crypto bill, stating:
“Wherever possible we want to see the same asset regulated in the same way, but there are some additional opportunities in the crypto asset or distributed ledger space and we want to take advantage of that.”
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
When signed by King Charles, the Financial Services and Markets Bill that will subject cryptocurrencies to similar regulations as traditional assets.
The UK government is nearing final approval of a bill that would bring cryptocurrencies under the same rules as traditional assets. The Financial Services and Markets Bill, which was approved by the House of Lords on June 19, is now awaiting royal assent, meaning that the last step is the signature of King Charles:
#HouseOfLords conducts ‘tidy up’ of the #FinancialServicesBill from 3.15pm before it is returned to @HouseOfCommons to consider Lords changes.
📄 Find out more https://t.co/kZYuE22bId
📺 Watch online https://t.co/MXe7B0XhMX pic.twitter.com/hPec0CXTm1
— House of Lords (@UKHouseofLords) June 19, 2023
This bill will allow the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payments Systems Regulator to create official regulations for crypto businesses.
Key provisions of the bill include a new regulatory framework for stablecoins, measures to protect consumers from potential fraud and financial loss in the crypto market and a framework to foster innovation in the crypto industry with outlines to develop services and products.
The passage of the Financial Services and Markets Bill could be a watershed moment for cryptocurrency regulation in the UK, providing much-needed legal clarity. Once the bill receives royal assent, the government will need to develop detailed regulations to implement the bill’s provisions, with the FCA expected to play a pivotal role.
Andrew Griffith, the economic secretary to the U.K. Treasury, told CNBC in an interview on April 19 that within the year, the U.K. is set to see a comprehensive crypto bill, stating:
“Wherever possible we want to see the same asset regulated in the same way, but there are some additional opportunities in the crypto asset or distributed ledger space and we want to take advantage of that.”
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
