The Monetary Providers and Markets Act 2023 obtained Royal Assent from King Charles on June 29, marking a brand new period for the U.Okay’.s monetary providers sector. The brand new regulation contains cryptocurrency buying and selling as a regulated monetary exercise within the U.Okay.
Based on HM Treasury, this act is central to the Authorities’s imaginative and prescient to foster an open, sustainable, and technologically superior monetary providers business.
Designed to tailor monetary providers regulation to satisfy the distinctive wants of the U.Okay. market, this act leverages alternatives introduced by Brexit. It goals to boost the competitiveness of the U.Okay. as a worldwide monetary heart whereas delivering improved outcomes for customers and companies.
Andrew Griffith, financial secretary to the Treasury, heralded this as a pivotal yr for reforming the nation’s monetary providers. He mentioned:
“This landmark piece of laws provides us management of our monetary providers rulebook, so it helps UK companies and customers and drives progress.”
On the top of the FTX scandal, Griffith urged the Treasury Committee to not conflate the scandal with cryptocurrency as an entire, including that the nation ought to nonetheless search alternatives within the expertise underneath a “well-calibrated regulatory response.”
A big facet of the act is enabling crypto regulation to assist their protected adoption within the U.Okay. It additionally gives for establishing “sandboxes” to facilitate new applied sciences like blockchain in monetary markets.
The act’s implications lengthen to enhancing the scrutiny and accountability of monetary providers regulators. It focuses on transparency, common reporting, and a higher emphasis on cost-benefit analyses. These modifications purpose to facilitate the expansion of the U.Okay. economic system and increase its worldwide competitiveness.
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