Main page News, UK, Regulations, Cryptocurrency
Hot topic
June 30, 2023

The Financial Markets and Services Bill, which, among other things, affects the regulation of the crypto sector in the UK, has received final approval.

The bill, which aligns with Prime Minister Rishi Sunak's ambition to make the UK a global crypto hub, allows regulators to develop a structure for the digital asset sector.

Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world

The document allows for the creation of regulatory sandboxes that enable experimentation with use cases for blockchain technology in financial markets. In addition, it also ensures the status of a means of payment for stablecoins.

Following parliamentary consideration, the bill was amended to consider all cryptos as a regulated activity and grant authorities the power to oversee their advertising.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

The country's Finance Minister Andrew Griffith has stated:

"This landmark piece of legislation gives us control of our financial services rulebook, so it supports UK businesses and consumers and drives growth. By repealing old EU laws set in Brussels it will unlock billions in investment – cash that can unlock innovation and grow the economy."

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.