The U.K. has made a significant progress in its ambition to become a crypto hub by passing the Financial Services and Markets Bill (FSMB) into law.
The bill, which received the Royal Assent from King Charles III during the peak of summer, grants more authority to the regulators over the financial services industry.
It also includes provisions for digital assets, allowing the treasury, the Financial Conduct Authority (FCA) and the central bank to regulate crypto as a legitimate activity.
This means that they can now introduce secondary legislation to oversee the sector.