On June 28, King Charles III of the United Kingdom gave his final approval, known as Royal Assent, to a significant piece of legislation called the Financial Services and Markets Bill 2023. This bill had previously been approved by the upper chamber of the UK parliament on June 19.
The Financial Services and Markets Bill 2023, recently approved by King Charles III, is an important law that enables the UK government to take charge of the rules governing financial services. One significant aspect of this bill is the inclusion of crypto assets and stablecoins, which will now be subject to regulation. As a result, government authorities will have the power to monitor and manage the digital asset market more effectively.
This bill aims to boost the country’s economy, which has been negatively affected by the pandemic and its exit from Europe. It includes provisions for regulating crypto assets to ensure their safe adoption in the UK. According to Andrew Griffith, the economic secretary, this legislation gives the UK control over its financial services rulebook, supporting businesses, driving growth, and benefiting consumers.
During the formulation of the bill, amendments were made to include crypto as a regulated financial activity. This regulatory approach in the UK may attract crypto companies from the US, considering the legal challenges surrounding the industry there.
With the Financial Services and Markets Bill now enacted into law, it marks a significant milestone in establishing rules for UK financial services outside of the EU. This law enhances the competitiveness of the financial sector and benefits both consumers and businesses in the UK. By maintaining high regulatory standards, the bill helps the UK maintain its position as an innovative financial hub.
The primary objective of this bill is to protect people across the country as they engage with financial services. It represents a significant step towards the government’s goal of creating a more advanced, accessible, technologically advanced, and environmentally friendly financial industry that serves the needs of the people and communities in the UK.