A bill that makes cryptocurrency trading a regulated financial activity in the UK was recently adopted by the government of the nation.
UK Crypto Regulations Get Full Marks from Ripple Executives
Andrew Whitworth and Susan Friedman, senior executives of Ripple, lauded the United Kingdom‘s approach to the cryptocurrency industry on Twitter and said that it was leaving behind the United States in terms of the regulatory framework.
The Financial Services and Markets Bill’s royal approval, which turned cryptocurrency trading into a regulated financial activity in the nation, prompted the executives to make these remarks.
Approved Legislation is a Milestone
The act, in Friedman’s opinion, marks a critical turning point in the regulation of cryptocurrency worldwide. According to the executive of the cryptocurrency payment provider, the measure demonstrates how the U.K. was leaving behind the U.S. in significant fields. Moreover, Whitworth, the policy director for Ripple in EMEA, agreed with this assessment and characterized the action as the U.K. achieving its goal of being a hub for cryptocurrencies.
Financial Services and Markets Bill
The passing of the Financial Services and Markets Bill signaled the conclusion of a thorough regulatory procedure aimed at regulating the financial sector in the United Kingdom. Although the law is primarily concerned with other topics, it contains measures that regulate cryptocurrencies and stablecoins, enabling regulators to create a legal framework for digital assets.
The bill also legalizes stablecoins as a means of payment and declares cryptocurrencies to be a regulated financial activity in the nation. Additionally, it imposes stringent oversight of crypto marketing and promotions.
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