The United Kingdom has taken an important step in the “secure adoption of crypto.” There is King Charles Financial Services and Markets Act 2023 Signed so that crypto like Bitcoin (BTC) can be officially regulated. This is a big step in the UK’s mission to become a crypto hub.
Bitcoin can be officially regulated
The new law comes from Brexit. Previously applicable laws made in Brussels no longer apply to the UK. Therefore, it is now necessary to fill this gap.
The UK wants to do this by ensuring that its financial sector laws and regulations are fully aligned with the Kingdom’s goals. “This legislation strengthens the UK’s competitiveness as a global financial center and delivers better outcomes for consumers and businesses,” one said. Journal report.
Laws and regulations can be boring subjects. However, for a new sector like crypto, it needs to be done right. The UK still wants to welcome the crypto sector with open arms. For example, the government has been talking to board members of major crypto companies for a long time.
Crypto is part of the new package
Hence crypto and blockchain are also given place in this law. Mind you, this is a first step; Specific legislation is still under development. However, the press release stated:
“[De wet] Regulation of crypto supports safe adoption in the UK
[De wet] Set up ‘sandboxes’ to facilitate the use of new technologies such as blockchain in financial markets.
Countries around the world are now busy creating better and stronger regulations. The European Union has recently launched an exciting package. The US seems to be lagging behind and has a relatively aggressive policy of prosecuting corporations.
