BusinessPostCorner.com
No Result
View All Result
Wednesday, July 16, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

UK’s New Financial Law to Regulate Crypto, Includes Provisions for ‘Crypto Hub

June 30, 2023
in Crypto News
Reading Time: 2 mins read
A A
0
UK’s New Financial Law to Regulate Crypto, Includes Provisions for ‘Crypto Hub
ShareShareShareShareShare
Source: AdobeStock / Mary

The United Kingdom on Thursday officially passed legislation to regulate cryptocurrencies and stablecoins as part of its broader financial regulatory reforms post-Brexit.

The new law, dubbed the Financial Services and Markets bill, will grant regulators the authority to establish a tailored framework for the digital asset sector, supporting crypto’s “safe adoption in the UK,” a press release from the UK Treasury said.

The bill has been passed in support of the UK government’s vision of transforming the UK into a global crypto hub.

The new law comes after the UK Treasury in February this year first announced that it planned to “provide clarity to consumers and businesses.”

At the time, the idea was to regulate crypto in a way consistent with how traditional finance is regulated, but this was later pushed back on by influential Members of Parliament who instead wanted crypto to be regulated as gambling.

Regulatory sandboxes coming

The new law that has now officially passed the last stage of the parliamentary procedure in the UK introduces regulatory “sandboxes” to facilitate further experimentation with blockchain technology by businesses.

In addition to covering typical cryptocurrencies, the law also formalizes the recognition of stablecoins – digital tokens that are pegged to a fiat currency – as a form of payment.

During the parliamentary review stages, amendments were made to classify all cryptocurrencies as regulated activities and empower regulators to supervise crypto promotions.

UK Economic Secretary to the Treasury, Andrew Griffith, hailed the legislation, calling it a “landmark piece of legislation” that gives control over the “financial services rulebook” back to the national government.

“By repealing old EU laws set in Brussels it will unlock billions in investment, cash that can unlock innovation and grow the economy,” he said, before adding:

“2023 is proving to be a banner year for reforming our financial services.”

Credit: Source link

ShareTweetSendPinShare
Previous Post

On the move: Nathan Wechsler names next managing director

Next Post

Recruit, retain, repeat: Top tips for accounting talent

Next Post
Recruit, retain, repeat: Top tips for accounting talent

Recruit, retain, repeat: Top tips for accounting talent

Animoca Brands Partners with DayDayCook to Manage 0M Bitcoin Treasury

Animoca Brands Partners with DayDayCook to Manage $100M Bitcoin Treasury

July 13, 2025
Franklin Alliance acquires Robert Morris & Company

Franklin Alliance acquires Robert Morris & Company

July 9, 2025
A space has opened up in British politics

A space has opened up in British politics

July 11, 2025
US government to invest in MP Materials’ rare earths production

US government to invest in MP Materials’ rare earths production

July 10, 2025
Donald Trump threatens to impose 50% tariff on Brazil

Donald Trump threatens to impose 50% tariff on Brazil

July 9, 2025
Post Office compensation schemes are ‘cruel and never-ending’

Post Office compensation schemes are ‘cruel and never-ending’

July 9, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

In the blogs: Ob-La-Di OBBBA

In the blogs: Ob-La-Di OBBBA

July 16, 2025
Labubu craze to drive up profit 350%, China’s Pop Mart says

Labubu craze to drive up profit 350%, China’s Pop Mart says

July 16, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!