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 companies sector. The brand new legislation contains cryptocurrency buying and selling as a regulated monetary exercise within the U.Okay.
In accordance with HM Treasury, this act is central to the Authorities’s imaginative and prescient to foster an open, sustainable, and technologically superior monetary companies trade.
Designed to tailor monetary companies regulation to satisfy the distinctive wants of the U.Okay. market, this act leverages alternatives introduced by Brexit. It goals to reinforce the competitiveness of the U.Okay. as a worldwide monetary heart whereas delivering improved outcomes for shoppers and companies.
Andrew Griffith, financial secretary to the Treasury, heralded this as a pivotal 12 months for reforming the nation’s monetary companies. He mentioned:
“This landmark piece of laws provides us management of our monetary companies rulebook, so it helps UK companies and shoppers and drives progress.”
On the top of the FTX scandal, Griffith urged the Treasury Committee to not conflate the scandal with cryptocurrency as a complete, including that the nation ought to nonetheless search alternatives within the expertise below a “well-calibrated regulatory response.”
A major side of the act is enabling crypto regulation to assist their secure 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 companies regulators. It focuses on transparency, common reporting, and a larger emphasis on cost-benefit analyses. These adjustments intention to facilitate the expansion of the U.Okay. economic system and increase its worldwide competitiveness.
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