July 27, 2024
UK crypto bill reaches final stage, on track for passage
UK crypto bill reaches final stage, on track for passage

A bill that would bring cryptocurrencies under the same rules that apply to traditional assets is put The bill will enter the final stages of royal assent to Britain’s King Charles on June 29, the final step needed for a bill of parliament to become law.

The Financial Services and Markets Bill, which was approved by the House of Lords of the U.K. Parliament on June 19 and has been under discussion in the U.K. Parliament since July 2022, is expected to increase legal clarity and support the adoption of cryptocurrencies in the country.

The new laws will give the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the payment systems regulator the power to formulate and enforce regulation of cryptocurrency businesses.

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The legislation marks a major milestone for the local cryptocurrency community. In a recent interview, UK Treasury Secretary of State Andrew Griffith said the UK wanted to harness the benefits of blockchain for the private sector and the economy, adding that the long-term vision was “to allow businesses to With adequate crypto regulation, most of the opportunities come from cryptoassets.”

The legislation could be a catalyst for attracting more cryptocurrency companies to the UK amid a stringent regulatory environment around the world. Venture capital firm Andreessen Horowitz (A16z) recently announced the opening of its first London-based firm outside the US following a “productive dialogue” with the UK Prime Minister and “months of constructive dialogue” with policymakers and the FCA. new offices. Chris Dixon, cryptocurrency founder and managing partner at A16z, said the “predictable business environment” was one of the main factors in its decision to expand overseas.

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