The Financial Services & Markets Act 2023 classifies crypto as a regulated financial activity.

A U.K. bill giving regulators the power to supervise #CryptoCurrency and #StableCoins was approved by King Charles Thursday.

Royal assent, a purely procedural step following agreement from lawmakers, makes the Financial Services and Markets Bill an Act, and includes measures to bring crypto and stablecoins into the scope of regulation.

The Act "gives us control of our financial services rulebook," following the U.K.'s exit from the EU, enabling regulation of crypto assets to support their safe adoption in the U.K., said Financial Services Minister Andrew Griffith in a statement.

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