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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