The Financial Services and Markets Act 2023, a reform bill in the United Kingdom, has been granted Royal Assent from King Charles on Thursday, officially making it a law, according to a Thursday press release by the UK government.

Under this new law, cryptocurrency trading is recognized as a regulated financial activity. The amended Financial Services and Markets Act defines crypto assets as “cryptographically secured digital representation of value or contractual rights,” considering them as regulated financial instruments, products, or investments.

Royal Assent is a procedural stage that follows the agreement of lawmakers on a bill, turning it into an Act of Parliament in the country. The bill had received approval from the upper house of Parliament on June 19 before reaching this stage.

The UK Treasury highlighted that the law’s objective is to regulate crypto assets and ensure their safe adoption in the country. The new law is viewed as a significant step forward for the economy, with the governme

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Author: Andrew Asmakov

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