UK Bill Brings Cryptocurrencies Under Traditional Rules

UK Set to Pass Cryptocurrency Bill, Attracting Crypto Firm

The United Kingdom is set to pass a bill bringing cryptocurrencies under the same regulations as traditional assets. The Financial Services and Markets Bill, approved by the U.K. parliament's upper chamber, awaits royal assent from King Charles. The new law will empower regulatory bodies like the Treasury, FCA, Bank of England, and Payments Systems Regulator to enforce regulations for crypto businesses. The legislation aims to provide legal clarity and support the adoption of cryptocurrencies in the country. It is expected to attract more crypto firms to the U.K. amid a global regulatory landscape. Venture capital firm Andreessen Horowitz (A16z) has already announced its expansion into London due to a "predictable business environment."