Tectono Business Review: UK GOVERNMENT PASSES REGULATION BILL TO RECOGNIZE CRYPTOCURRENCY

Saturday 1 July 2023

UK GOVERNMENT PASSES REGULATION BILL TO RECOGNIZE CRYPTOCURRENCY

The United Kingdom government has passed the Financial Services and Markets Act 2023, an action geared towards regulating cryptocurrency trading in the island country.

The rationale behind the new law is to acknowledge digital assets as regulated financial instruments and to reinforce their safe adoption in the country.

This recognition brings cryptocurrencies into the realm of regulated financial activities, products, and investments.

According to the UK Treasury, the regulation of crypto assets is pivotal to their safe and widespread adoption.

The official acceptance of cryptocurrencies in the UK represents a major turning-point for the broader crypto industry.

The UK's move to regulate crypto assets indicates its ambition to position itself as a hub for crypto innovation

By attracting entrepreneurs and fostering a favorable environment for crypto businesses, the UK aims to compete with other crypto-friendly European countries and drive growth in the sector.

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Saturday 1 July 2023

UK GOVERNMENT PASSES REGULATION BILL TO RECOGNIZE CRYPTOCURRENCY

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