UnitedKingdom takes concrete steps to become global crypto hub in 2023
this commitment in December 2022, listing specific digital asset work streams that the government was pursuing as part of its financial services reform plans.However, the road to regulation of cryptocurrencies in the UK is going to be patchy in 2023. The UK is likely to accelerate its departure from EU payments and crypto regulations because of Brexit.
The Financial Services and Markets Bill , which aims to give regulators more control over cryptocurrency, islaw next spring. The FSMB has already been debated in the House of Commons, and its second reading in the House of Lords is scheduled for 10 January. It will then be returned to the House of Commons.
Once both houses agree, the bill will be sent to King Charles III, who can make it an Act before it becomes law. The bill may grant the Bank of England, the country’s central bank, the authority to regulate crypto used for payments and stablecoins.UK’s Economic Secretary to the Treasury, Andrew Griffith, recently spoke before a hearing of the U.K. Parliamentary Treasury Committee about payments technology and CBDC.
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