UK passes bill to recognize crypto as “regulated financial activity”, boosts adoption in Europe

FXstreet
FXstreet

29 Jun 2023 4:17 PM

The United Kingdom became part of the list of nations that have officially brought regulations to cryptocurrencies and digital assets. The move by Gre...

  • The United Kingdom has passed the Financial Services and Markets Bill, bringing cryptocurrencies and stablecoins under regulation.
  • The move puts the UK ahead of the United States in terms of acceptance, despite having a smaller user base.
  • The bill aims to support UK businesses, drive growth, and unlock investment opportunities.
  • It enhances scrutiny of financial services regulators, removes restrictions on wholesale markets, protects access to cash, and enables the regulation of crypto assets.
  • The UK's adoption of regulations follows the EU's Markets in Crypto Assets (MiCA) bill, which paved the way for global crypto regulations.
  • The US is still years away from adopting regulations, which could lead to a potential loss of its user and developer base.

The overall sentiment of the article is positive, highlighting the UK's progress in regulating cryptocurrencies and the potential benefits it brings for businesses and the economy. It also raises concerns about the US lagging behind in adopting regulations.

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You May Ask

What is the significance of the Financial Services and Markets Bill passed by the United Kingdom?How does the UK's adoption of regulations compare to the United States?What are the key provisions of the Financial Services and Markets Bill?How has the EU's MiCA bill influenced global crypto regulations?What potential risks does the US face in terms of losing its user and developer base in the crypto industry?

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