The Monetary Companies 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 legislation consists of cryptocurrency buying and selling as a regulated monetary exercise within the U.Okay.
In line with 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 offered by Brexit. It goals to reinforce the competitiveness of the U.Okay. as a worldwide monetary middle 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 stated:
“This landmark piece of laws provides us management of our monetary providers rulebook, so it helps UK companies and customers and drives development.”
On the peak 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 know-how 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 supplies for establishing “sandboxes” to facilitate new applied sciences like blockchain in monetary markets.
The act’s implications prolong to enhancing the scrutiny and accountability of economic providers regulators. It focuses on transparency, common reporting, and a larger emphasis on cost-benefit analyses. These adjustments goal to facilitate the expansion of the U.Okay. economic system and enhance its worldwide competitiveness.
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