Passes historic bill recognizing crypto as regulated finance

United Kingdom | The United Kingdom has taken a significant step towards adopting the digital economy by passing a bill recognizing cryptocurrencies as a regulated financial activity. The Financial Services and Markets Act 2023 has officially become law after receiving Royal Assent. This move by King Charles signals a significant change in the country’s attitude towards digital currencies and is seen as the start of a new era for the crypto industry in the UK.

Indeed, on June 20 the bill had already received support from the UK’s House of Lords, marking a major step forward in the country’s efforts to regulate crypto-assets and their providers. Initially introduced in July 2022, the law saw several changes before reaching its final form. Originally focused on regulating stable coins, amendments introduced during parliamentary debate expand the bill’s scope to consider all cryptocurrencies as regulated activities.

Now approved by King Charles, the Financial Services and Markets Act 2023 has officially become law. It results from a multi-stage parliamentary process that involves final reading of the bill by both houses of parliament, agreement on amendments, and finally royal assent. The last time a bill was rejected by a monarch was with the Scottish Militia Bill in 1708, highlighting the importance and seriousness of this recent development in Britain.