The UK’s Financial Services and Markets Bill 2023 Receives Royal Assent
On June 28, King Charles III granted Royal Assent to the Financial Services and Markets Bill 2023, marking a significant step towards regaining control of the financial services rulebook in the UK. Here are the key points:
- The bill brings crypto assets and stablecoins under regulation.
- It designates crypto as a regulated activity.
- It includes supervision of crypto promotions and advertising.
Rocket Boost for UK Economy
The bill is expected to provide a boost to the UK economy, which has been impacted by the pandemic and Brexit. The Treasury stated that the legislation enables the regulation of crypto assets to support their safe adoption in the UK. Andrew Griffith, the Economic Secretary to the Treasury, emphasized that the bill gives the UK control of its financial services rulebook, benefiting businesses, consumers, and driving growth.
Crypto Market Outlook
The crypto markets are currently in consolidation, with a 1% gain in total market capitalization. Bitcoin remains around $30,400, while Ethereum is flat at $1,846. Solana and Bitcoin Cash are the only altcoins showing progress at the time of writing.
Hot Take: This landmark legislation granting regulation to crypto assets and stablecoins in the UK is a significant step towards creating a safe and thriving digital asset sector. The move may attract more crypto companies to the UK, offering opportunities for growth and innovation in the country’s economy.
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