The UK Approves the Financial Services and Markets Bill
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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.

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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.

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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."

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