The U.K. Financial Services and Markets Bill, which was introduced in July 2022 and gives regulators more power over the financial system including crypto, was approved by King Charles Thursday. This marks the last formal stage that makes the bill law, following agreement from lawmakers and the upper chamber of Parliament.
The Act ‘gives us control of our financial services rulebook,’ following the U.K.’s exit from the EU, enabling regulation of crypto assets to support their safe adoption in the U.K., said Financial Services Minister Andrew Griffith in a statement.
The bill includes measures to bring crypto into the scope of regulation, as well as to treat all crypto as a regulated activity and to supervise crypto promotions. It will also bring stablecoins into the scope of payments rules.
The U.K.’s Treasury, Financial Conduct Authority, Bank of England, and the Payments Systems Regulator will now soon be able to introduce and enforce rules to regulate the sector. The Treasury has been consulting on its proposed rules for the sector since February, in line with the Conservative Government’s objective to turn the country into a crypto hub. New specific rules for the crypto sector could come within 12 months, according to Economic Secretary Andrew Griffith.