UK in The Final Stage of Passing The Crypto Bill

The United Kingdom is about to pass a law that treats cryptocurrencies like regular assets. This means that they will be subject to the same rules and regulations as traditional forms of money. The bill is expected to receive the final approval from King Charles on June 29, making it official.

The Financial Services and Markets Bill was recently approved by the upper chamber of the UK parliament. It has been under discussion since July 2022 and aims to bring more clarity to the law and promote the use of cryptocurrencies in the country.

Under the new law, the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator will have the authority to create and enforce rules for crypto businesses.

The UK government has passed a law that is important for the local cryptocurrency community. Andrew Griffith, the economic secretary to the UK Treasury, mentioned in an interview that the country aims to take advantage of the positive aspects of blockchain technology for businesses and the economy. The ultimate goal is to allow companies to benefit from crypto assets while ensuring there are appropriate regulations in place.

New legislation in the UK is expected to draw more cryptocurrency companies to the country. Venture capital firm Andreessen Horowitz (A16z) has already announced its plans to open an office in London, citing a stable business environment as one of the reasons for the expansion. The UK government and regulators have engaged in constructive discussions with A16z, leading to this positive development.