The Crypto regulation Bill becomes law in UK

After the approval of King Charles III, the Financial Services and Markets Act 2023 has become law in the United Kingdom, and crypto will now be considered a currency in the UK.

The New Law and Crypto

The Financial Services and Markets Bill was a government bill introduced in July 2022, the main objective of which was to adapt the regulatory framework for the UK market. The UK's crypto-friendly Prime Minister, Rishi Sunak, did not ignore the growing influence of Crypto in the UK. The new law considers cryptographic activities to be monetary activities.

Crypto in the UK's own Law

Now that crypto is considered a currency in the UK, the crypto industry will not have the problem of US-type securities, commodities, etc. The MiCA legislation created by the European Union on crypto will also have no effect on the UK due to Brexit. The UK will also retain its authority over the monetary policies of its country.

Who will Control Crypto in the UK?

The UK's Treasury, Financial Conduct Authority (FCA), Bank of England, and Payment System Regulator will implement rules and regulations in their respective areas. In the case of using currency, rules and regulations are always in place. If people only use their wallets, they will not have the problem of losing their economic freedom.

Brought to you by Yugocean, originally posted here.