The crypto law now only needs to be signed by King Charles and can then be put into practice.
A bill that would subject cryptocurrencies to the same rules as traditional assets is expected to be put into practice in the UK soon if it gets the final royal assent of King Charles on June 29, making the law official would step.
The Financial Services and Markets Bill, passed by the House of Lords on June 19, has been under debate in the UK Parliament since July 2022 and is intended to provide more legal clarity and encourage the adoption of cryptocurrencies in the country.
The new law will give the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payments Systems Regulator the power to introduce and enforce regulations for crypto businesses.
The law marks an important milestone for the UK crypto community. In a recent interview, the UK Treasury’s Director for Economic Affairs, Andrew Griffith, stressed that the country is keen to capitalize on the benefits that blockchain can bring to the private sector and business, adding added that the long-term vision is to “let businesses make the most of the opportunities offered by crypto assets” within the framework of proper crypto regulation.
Accordingly, the law could be a catalyst for more crypto firms to settle in the UK amid the tough regulatory environment around the world. Recently, venture capital firm Andreessen Horowitz (A16z) announced its first new office outside the United States in London, following a “productive dialogue” with the UK Prime Minister and “months of constructive discussions” with policymakers and the FCA. Chris Dixon, a managing partner of A16z, cited a “predictable business environment” as one of the key factors behind the decision to expand overseas.
Picture Copyright: sorapop
[newsletter_form lists="1"]
