The UK Government emphasized the significance of the act in a press release today, stating that it is fundamental to their goal of fostering economic growth and establishing a transparent, environmentally-friendly, and innovative financial services sector. Consequently, this marks a pivotal juncture for the digital asset industry within the nation.
The Financial Services and Markets Act 2023 has officially become law after receiving royal assent and being approved by King Charles on Thursday.
The process of receiving Royal assent is a requirement for legislation to become law in the country. Furthermore, the recent progress has officially transformed the Financial Services and Markets Bill into an Act, following its approval by the Parliament Chamber last week. Ultimately, King Charles granted his approval to the legislative measure today.
Initially presented in July 2022, the bill brought about reforms that expanded the authority of regulators beyond the traditional realm of the financial system. Consequently, it now empowers them with regulatory jurisdiction over the digital asset industry as well.
Andrew Griffith, Economic Secretary of the Treasury that crypto sector rules could come as soon as within the next 12 months.
