The United Kingdom has made the Financial Services and Markets Bill a Royal asset, which will strengthen the country’s crypto environment.
The Financial Services and Markets Bill (FSMB), which received approval from the Royal Assent, represents a proactive step taken by the United Kingdom (UK) to strengthen its financial ecosystem.
The Financial Markets Bill in the UK
The Financial Services and Markets Bill has been the centre of the UK government’s work for a while, and with its passage, the government is aiming to achieve its vision of expanding the economy and developing a competitive, open, and technologically advanced financial services industry.
The FSMB offers a fairly clear plan for regulating crypto assets as financial products, among other things, to facilitate their secure adoption in the UK. The need to release functioning laws continues to be one of the most important issues in the US, and the UK’s apparent advancement has spread worries that the US may be losing behind in embracing cutting-edge innovation.
The newly signed Bill in the United Kingdom is significantly more robust because it considers broader innovation bordering on blockchain technology. Notably, the Bill that turned an Act “establishes’sandboxes’ that can facilitate the use of new technologies, such as blockchain in financial markets.”
According to Andrew Griffith, Economic Secretary to the Treasury, “2023 is proving to be a golden year for reforming our financial services. This important piece of legislation gives us authority over our financial services rules, so it helps UK firms and consumers and drives growth.
Setting a Good Example
The United Kingdom is presently serving as a good example for other countries exploring to regulate the crypto environment by virtue of the assent to the Bill.
With a clearly stated and defined mandate to regulate cryptocurrencies as regulated products, the UK currently projects as one of the most developed countries in the G7. While the European Union is also making efforts to regulate cryptocurrency through its Markets in Crypto Assets (MiCA) regulations, the UK is arguably in the lead as implementation is anticipated to occur soon.
This Bill is now the most significant step toward achieving Prime Minister Rishi Sunak’s ambition of making the UK a crypto hub.