UK Crypto Bill Nears Final Approval, Poised for Enactment

The United Kingdom is on the verge of passing a bill that will subject cryptocurrencies to the same regulatory framework as traditional assets. The legislation has reached the final stages and is expected to receive royal assent from King Charles on June 29, the last step required for a parliamentary bill to become law.

Having gained approval from the upper chamber of the UK parliament on June 19, the Financial Services and Markets Bill has been under discussion in the British Parliament since July 2022. Its aim is to provide increased legal clarity and support the widespread adoption of cryptocurrencies within the country.

Once enacted, the new law will grant the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator the authority to establish and enforce regulations for crypto businesses.

This development marks a significant milestone for the local crypto community. In a recent interview, Andrew Griffith, the economic secretary to the UK Treasury, expressed the country’s desire to capitalize on the benefits that blockchain technology can bring to the private sector and economy. He emphasized the long-term vision of allowing firms to fully leverage the opportunities presented by crypto assets within a robust regulatory framework.

The enactment of this legislation is expected to attract more crypto firms to the UK, particularly in light of the stringent regulatory environments in other jurisdictions. Venture capital firm Andreessen Horowitz (A16z) recently announced the establishment of its first office outside of the United States in London, citing a “predictable business environment” as one of the primary reasons behind its decision. A16z engaged in productive discussions with the UK prime minister, policymakers, and the FCA prior to finalizing their expansion plans.

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