UK Passes Landmark Bill Acknowledging Crypto as Regulated Financial Activity

UK Officially Recognizes Crypto as Regulated Financial Activity with Landmark Bill The United Kingdom has passed a significant bill that acknowledges cryptocurrency as a regulated financial activity within the country. After receiving royal assent from King Charles, the Financial Services and Markets Act 2023 has officially become law. This move is considered a crucial milestone for the digital asset industry in the UK, granting regulators the authority to govern cryptocurrencies and stablecoins. The bill, which underwent a legislative process and was approved by Parliament, gives the UK Treasury, Financial Conduct Authority, Bank of England, and the Payments System Regulation Authority the power to introduce and enforce regulatory rules for the industry. The implementation of these rules is expected to begin soon, with potential crypto sector regulations emerging within the next year.