According to Cointelegraph, on June 29, 2023, a bill made to compile cryptocurrencies under the rules applied to traditional assets will be passed as a law in the United Kingdom. It is believed that the execution of the law has reached the final stages and just needs King Charles’ royal assent after which the parliamentary bill can become a law.
Sources revealed that on June 19, 2023, the law was approved by the upper chamber of the UK parliament. It is expected that since July 2022, the financial services and markets bill has been discussed in the British Parliament. These strategies is expected to increase legal clarity and support the adoption of cryptocurrencies, Cointelegraph added.
As per Cointelegraph, the new law will give the Treasury, Financial Conduct Authority (FCA), Bank of England and Payments Systems Regulator the scope to introduce and enforce regulations for cryptocurrency businesses.
Furthermore,“Let firms make the most of the opportunities from crypto assets” Andrew Griffith, economic secretary, UK Treasury, told Cointelegraph.
(With insights from Cointelegraph)