The UK Parliament has passed the Financial Services and Markets Act 2023 recognizing cryptocurrencies as a regulated financial activity in the country. They received royal assent from King Charles and have become law.
The bill gives regulatory powers to the Treasury, the Financial Conduct Authority, the Bank of England and the Payment Systems Regulator to introduce and enforce regulations for the crypto and stablecoin sectors. Specific regulations for this sector could be implemented within the next 12 months.