Those of you that are new to crypto should know that the industry has been hurting for lack of regulation for many years. I know! Regulation sounds boring. But it’s needed before the public will accept crypto as a viable asset. Today, I come with good news for Europe.
While countries like Dubai and Singapore have been competing to attract crypto firms, the U.S. has taken a tough stance with increased enforcement actions against cryptocurrency companies.
Britain wants to become the go-to destination for crypto firms! Prime Minister Rishi Sunak, formerly the U.K.’s finance minister, boldly declared his ambition to make Britain a “global hub for cryptoasset technology.”
And the latest exciting news is kind of funny considering that the general public does not embrace crypto yet. King Charles has given the green light to a bill that empowers regulators to oversee cryptocurrencies and stablecoins in the U.K. This bill, known as the Financial Services and Markets Act, has gone through the final stage and received royal assent, officially becoming law.
The aim of this legislation is to effectively regulate crypto and stablecoins, ensuring their safe adoption within the country. It gives regulators more authority over the financial system, treating all crypto activities as regulated and keeping a close eye on crypto promotions. Payment rules will also apply to stablecoins.
Who’s in charge of enforcing these new regulations? The Treasury, Financial Conduct Authority, Bank of England, and Payments Systems Regulator will soon have the power to introduce and enforce rules in the crypto sector. The U.K. government has been actively consulting on proposed rules since February, with the goal of establishing the nation as a thriving crypto hub.
Remember that the European Union has also made strides in the regulatory landscape. On May 31, they signed the Markets in Crypto-Assets (MiCA) regulations into law. This significant step ensures consistent regulations across all 27 EU member states, allowing approved firms to expand their business with minimal additional paperwork.
Things are surely picking up for crypto in the European region.
Those of you that are new to crypto should know that the industry has been hurting for lack of regulation for many years. I know! Regulation sounds boring. But it’s needed before the public will accept crypto as a viable asset. Today, I come with good news for Europe.
While countries like Dubai and Singapore have been competing to attract crypto firms, the U.S. has taken a tough stance with increased enforcement actions against cryptocurrency companies.
Britain wants to become the go-to destination for crypto firms! Prime Minister Rishi Sunak, formerly the U.K.’s finance minister, boldly declared his ambition to make Britain a “global hub for cryptoasset technology.”
And the latest exciting news is kind of funny considering that the general public does not embrace crypto yet. King Charles has given the green light to a bill that empowers regulators to oversee cryptocurrencies and stablecoins in the U.K. This bill, known as the Financial Services and Markets Act, has gone through the final stage and received royal assent, officially becoming law.
The aim of this legislation is to effectively regulate crypto and stablecoins, ensuring their safe adoption within the country. It gives regulators more authority over the financial system, treating all crypto activities as regulated and keeping a close eye on crypto promotions. Payment rules will also apply to stablecoins.
Who’s in charge of enforcing these new regulations? The Treasury, Financial Conduct Authority, Bank of England, and Payments Systems Regulator will soon have the power to introduce and enforce rules in the crypto sector. The U.K. government has been actively consulting on proposed rules since February, with the goal of establishing the nation as a thriving crypto hub.
Remember that the European Union has also made strides in the regulatory landscape. On May 31, they signed the Markets in Crypto-Assets (MiCA) regulations into law. This significant step ensures consistent regulations across all 27 EU member states, allowing approved firms to expand their business with minimal additional paperwork.
Things are surely picking up for crypto in the European region.