New UK financial law includes 'crypto hub' provisions and web3 rules

The Block
The Block

29 Jun 2023 4:08 PM

Legislation for regulating crypto and stablecoins has become law in the UK, after passing the last stage of the UK's parliamentary procedure....

  • Legislation for regulating crypto and stablecoins has become law in the UK as part of a comprehensive law reforming post-Brexit financial regulations.
  • The Financial Services and Markets bill gives regulators powers to tailor a framework for the digital asset sector, supporting the UK's ambition to become a global crypto-hub.
  • The law allows for regulatory 'sandboxes' for further experimentation with blockchain use cases and formalizes the UK's treatment of stablecoins as a form of payment.
  • The bill was amended to treat all crypto as a regulated activity and give regulators power to supervise crypto promotions.
  • The legislation is seen as a crucial step in positioning the UK as a leading destination for global crypto and blockchain companies.

The sentiment of the article is generally positive, highlighting the UK's efforts to regulate and support the crypto industry. The passage of the legislation is seen as a significant step towards positioning the UK as a leading crypto hub.

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You May Ask

What is the purpose of the Financial Services and Markets bill in the UK?How does the legislation treat stablecoins?What powers do regulators have regarding crypto activities?How does the passage of this legislation impact the UK's position in the global crypto industry?What other recent digital asset-related policy developments have occurred in the UK?

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