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King Charles approves UK legislation for crypto oversight

king-charles-approves-uk-legislation-for-crypto-oversight
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King Charles approves UK legislation for crypto oversight

King Charles has given his official sanction to the UK’s Financial Services and Markets Bill, setting the stage for increased supervision of cryptocurrencies and stablecoins.

British legislation facilitating oversight of cryptocurrency and stablecoins received official approval from King Charles. The sanction, which is seen as a formalized procedure following a consensus among legislators, now effectively converts the Financial Services and Markets Bill into an Act.

This key action incorporates provisions to bring cryptocurrencies and stablecoins under regulatory purview. The legislation had previously received approval from the House of Lords just last week.

https://twitter.com/LordOrdinal/status/1674424344083320834?s=20

The new Act “provides us with the ability to manage our own financial services regulations,” said Financial Services Minister Andrew Griffith. This occurs in the wake of the U.K.’s departure from the European Union and opens the way for the regulation of digital assets, thereby facilitating their secure introduction within the country.

Initiated in July 2022, the legislation gives the governing authorities more control over the financial system, with a special emphasis on cryptocurrencies.

As the legislation went through debate stages in parliament, additional amendments were incorporated that designated all cryptocurrencies as regulated activities and proposed the supervision of crypto advertising. Furthermore, the Act will extend the reach of payment regulations to include stablecoins.

Key institutions such as the U.K.’s Treasury, the Financial Conduct Authority (FCA), the Bank of England, and the Payments Systems Regulator, will now be endowed with the powers to formulate and enforce guidelines that govern this sector.

The Treasury has been working on the proposed rules for this industry since February, in alignment with the conservative government’s goal of turning the U.K. into a digital currency hub.

Griffith had previously mentioned in an interview with CNBC in April that new, specific regulations for the crypto sector could be implemented within the next year.