The House of Lords passed the Financial Services and Markets Bill today, which aims to regulate bitcoin and crypto in the UK.
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UK recognizes bitcoin and crypto as regulated activity. Rocket Boost For The Economy
The House of Lords, the upper house of the British government, has passed the Financial Services and Markets Bill into law, which will regulate cryptocurrencies as a legitimate activity in the UK. This move aligns with the country's goal of being a global hub for crypto and is seen as a positive step towards a technologically advanced financial services sector that will contribute to economic growth. The UK's decision to embrace cryptocurrencies stands in contrast to the anti-crypto stance of the Biden administration in the US. Additionally, the UK will repeal old laws that were passed in Brussels during its membership in the EU. The UK government has hailed this move as a "Rocket Boost for [the] UK economy." UK recognizes bitcoin and crypto as regulated activity.
“By repealing old EU laws set in Brussels it will unlock billions in investment – cash that can unlock innovation and grow the economy.”
The UK government has issued a statement indicating its intention to regulate crypto assets in order to ensure their safe adoption. This move comes after a proposal by Hester Peirce, US SEC commissioner, who is a strong advocate for the innovations brought about by the crypto industry. As part of these regulations, the UK plans to establish Sandboxes where crypto financial technologies can be tested before being released to the market.
Crypto Gold Rush Begins As US Looks On
As financial regulations are being rewritten with transparency and oversight by UK regulators, the possibility of a crypto gold rush is emerging. Hong Kong, backed by China, is positioning itself as a potential crypto hub in Asia, while other regions such as Singapore and Dubai are also vying for a share of the crypto industry. Meanwhile, in the US, the SEC's strict regulations are driving innovative crypto businesses to seek opportunities elsewhere. The industry will migrate to where it is most welcome, and it seems that the US may not be the most welcoming place for it at present.
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