The UK has officially passed a bill that recognizes crypto as a regulated financial activity within the country.

Indeed, the Financial Services and Markets Act 2023 has officially become law after receiving royal assent and being approved by King Charles on Thursday.

In a press release issued today, the government noted the act as “central” to its vision “to grow the economy and create an open, sustainable, and technologically advanced financial services sector.” Subsequently, this represents a crucial moment for the digital asset industry in the country.

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