On May 6, 2023, the coronation of Charles III as King of the United Kingdom took place. A short time later, the Monarch gave his approval to the Crypto Assets.
This is the Financial Services and Markets Act of 2023. Legislation with which the British Government seeks to grow the economy and modernize the financial services sector in the United Kingdom.
The law covers several aspects, but one of them refers to the permission for the regulation of Crypto-assets, and thus support their safe adoption throughout the kingdom (within which the regulation of Stablecoins is included). It also establishes facilities for the use of new technologies in financial markets, such as the use of the Blockchain.
In a press release issued on June 29, 2023, by the Government Ministry of Economy and Finance (HM Treasury) it was reported that His Majesty King Charles III had approved the Bill, thereby officially becoming Law.
The UK is a Parliamentary Monarchy, so any Bill passed by Parliament to eventually become Law requires Royal Assent (the King is the Head of State).
Already with the effective approval of the Financial Markets and Services Law of 2023, specific norms and rules must now be drawn up to regulate the Crypto sector within the economy. This task is entrusted to the United Kingdom Treasury, the Financial Conduct Authority, the Bank of England and the Payment Systems Regulator. These specific regulations are expected to be up and running in the coming months.
With the King's signature, Crypto-assets become a regulated financial activity in the UK.
The British financial system will include topics as innovative as Crypto-assets, Stablecoins and Blockchain. With this it would seem that the King has been more modern than some Presidents.
Disclaimer: The content of this article cannot be considered as investment advice or financial advice. This post is for informational purposes only.
This article was first published on the Hive Blockchain: The King and Crypto Assets
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