King Charles of the United Kingdom approved the Financial Services and Markets Bill (FSMB), making it law, CoinDesk reported. The bill, which was approved by the House of Lords last week, recognizes cryptocurrencies as a regulated activity and stablecoins as a means of payment under existing laws.

The bill, introduced in July 2022, gives regulators greater powers over the financial system, including cryptocurrencies. While the bill was debated in Parliament, amendments were added to treat all cryptocurrencies as regulated activities and oversee the promotion of cryptocurrencies. The bill also brings stablecoins into the scope of payment rules. The UK's Treasury, Financial Conduct Authority, Bank of England and Payment Systems Regulator will soon be able to introduce and enforce rules to regulate the industry.