The UK crypto bill, touted as a major reform in regulating the crypto sector in the country, awaits final approval before it becomes an official law
King Charles has a UK crypto bill to approve in the upcoming days, which has received major attention in the crypto community. The bill, supported by several industry stakeholders, will likely bring the much-needed regulation for crypto.
The House of Lords had recently passed the regulation, named the Financial Services and Markets Bill. It has been under discussion for a long time, since 2022. It would give legal backing to regulated crypto trading in the country.
Earlier, a senior British lawmaker, Andrew Griffith, had said, “I think over the next 12 or so months is the window. We’ve got this great asset in the UK, we’ve got control back of a rule book — not something the UK has had for decades — so we’ve got the ability to move in an agile and proportionate way.”
The Financial Services and Markets Bill would grant powers to the Bank of England, the Treasury and the Financial Conduct to be the regulatory authority for the crypto industry. Moreover, the bill could attract major crypto firms to the UK.
If passed, the new law in the UK would be coming around the same time the MiCA is being implemented in the European Union. As a result, the region could emerge as a major crypto-friendly hub soon.