The UK Treasury’s planned Financial Services and Markets Bill (FSMB) has been given royal permission, as of June 30. King Charles III of England is said to have accepted the law officially.
On July 20, 2017, the UK Treasury presented the bill to the UK Parliament. The chamber of Lords, the upper chamber of the British parliament, approved the bill on June 19 of this year.
In April, UK Treasury Secretary for Economic Affairs, Andrew Griffith hinted that laws to control the cryptocurrency market might be proposed in the coming year. The bill finally received a “Royal Ascent” on June 2023.
“This landmark piece of legislation gives us control of our financial services rulebook, so it supports UK businesses and consumers and drives growth,” said Griffith in a press release.
Following its leave from the EU, the UK is moving forward with preparations to substitute EU financial services law with UK law.
The UK Treasury revealed ambitions to turn the UK into a center for the world’s cryptocurrency business in early April of last year. Stablecoins can now be used as a form of payment in the nation thanks to a policy that has been proposed for development and legislation.
Stablecoin rules in the UK were formerly in doubt because of the deteriorating crypto-asset market conditions, but in July 2022, Finance Minister Nadhim Zahawi declared that stablecoins will be recognized as a “technology hub.”