United Kingdom: Adopted Financial Services and Markets Bill including stablecoin regulation

On 29 June 2023, the Financial Services and Markets Bill received Royal Assent. The Bill has been under discussion in the British Parliament since July 2022 and is expected to enhance legal clarity and support the adoption of cryptocurrencies in the country. The new legislation will grant the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator the authority to introduce and enforce regulations for crypto businesses. Additionally, it will bring certain digital settlement assets used for payment under regulation and extend the financial promotion regime to specific cryptoassets.