U.S. Fed's Vice Chair Barr Suggests CBDC Decision Remains a ‘Long Way’
Turkish Crypto Exchange Thodex CEO Faruk Özer Sentenced to 11,196 Years in Prison for Collapse
DeFi and Credit Risk
On Thursday, King Charles approved a U.K. bill granting regulators the authority to oversee cryptocurrencies and stablecoins, marking the final official step that solidifies the bill as law.
Royal assent, a mere formality subsequent to lawmakers' agreement, transforms the Financial Services and Markets Bill into an Act, encompassing provisions to regulate cryptocurrencies and stablecoins. The bill received approval from the upper chamber of Parliament last week.
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.
A bill was presented in July 2022, aiming to enhance regulatory control over the financial system, particularly in relation to cryptocurrencies. Throughout the parliamentary discussions on the bill, amendments were incorporated to subject all forms of crypto to regulation and to oversee promotional activities in the crypto space. Additionally, the bill will extend the jurisdiction of payment regulations to include stablecoins.
The Treasury, Financial Conduct Authority (FCA), Bank of England, and the Payments Systems Regulator of the United Kingdom will soon possess the authority to introduce and enforce regulations within the sector.
Since February, the Treasury has been engaged in consultations regarding its proposed regulations for the sector, aligning with the Conservative Government's goal of transforming the nation into a prominent crypto hub. According to Griffith's statement to CNBC in April, it is anticipated that new tailored regulations for the crypto sector will be implemented within a span of 12 months.
