Tuesday, February 27, 2024
4.8 C
London

HomeReportsUnited Kingdom classifies digital currencies as financial activities

United Kingdom classifies digital currencies as financial activities

King Charles approved a bill in the United Kingdom on Thursday that grants regulatory authorities the power to oversee digital currencies and stablecoins. The bill includes measures to bring these currencies within the scope of regulation and will become law after approval by Parliament and the UK’s exit from the European Union. Andrew Griffiths, the Financial Services Minister, confirmed that the law enables the regulation of digital assets for secure adoption in the United Kingdom.

The bill was introduced in July 2022 and underwent amendments during its discussion in Parliament to address all digital currencies as regulated activities and to supervise their promotion. The bill will classify stablecoins within the scope of payment rules. The UK Treasury, the Financial Conduct Authority, the Bank of England, and the Payment Systems Regulator will soon be able to issue and enforce rules for regulating the sector.

The Treasury has consulted on the proposed rules for the sector since February, aligning with the government’s goal of transforming the country into a hub for digital currencies. Specific new rules for the digital currency sector are expected to come within 12 months, according to Griffiths’ statements to CNBC in April.

SourceCoinDesk

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more