In response to the passing of the Financial Services and Markets Act into UK law which brings stablecoins and cryptoassets within the scope of UK regulation, CryptoUK the UK’s only trade body for the crypto and digital asset industry said:
We are delighted that the Financial Services and Markets Act has received Royal Assent, just over a year since the Government first set out its vision for the UK to become a global crypto hub.
CryptoUK along with our members from across the crypto and digital asset industry have been calling for regulation of the market since 2018 to support the continued growth of a healthy, innovative and responsible industry in the UK.
The passing of this transformational piece of legislation into law is a big step forward towards the UK becoming a global hub for crypto and digital assets and is a significant step in terms of providing the necessary regulatory clarity and business certainty for firms to invest here in the UK.
Whilst other countries are actively developing their own frameworks for crypto and digital assets, the Financial Services and Markets Act provides a sensible regulatory approach for crypto and digital assets, including stablecoins, bringing these assets within the scope of existing UK financial services regulations.
It is imperative now that the UK maintains its momentum and continues to focus on providing regulatory clarity for crypto and digital asset businesses that want to set up and invest in the UK.
We will continue to work constructively with Government and regulators to remove barriers to innovation and growth, including ensuring that reputable and compliant businesses that want to operate in the UK are able to be licensed by the FCA in good time, and that firms have access to the necessary payment infrastructure such as access to UK bank accounts, all of which will be fundamental to the Government realising its vision for the UK.
The full Government press release on the FSMB Royal Assent can be accessed here