'UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law; The Financial Services And Markets Act 2023 Classifies Crypto As A Regulated Financial Activity' - CoinDesk
Portfolio Pulse from Happy Mohamed
The UK has passed a law that classifies cryptocurrency as a regulated financial activity. The Financial Services and Markets Act 2023 gives regulators the power to supervise crypto and stablecoins. The Act aims to support the safe adoption of crypto assets in the UK. The Treasury, Financial Conduct Authority, Bank of England, and the Payments Systems Regulator will be able to introduce and enforce rules to regulate the sector. New specific rules for the crypto sector could come within 12 months.
June 29, 2023 | 2:18 pm
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POSITIVE IMPACT
The new UK law regulating cryptocurrencies could impact the price of Bitcoin. The law could lead to increased stability and trust in the market, potentially boosting Bitcoin's price.
Regulation often brings stability and trust to markets. This new law could make Bitcoin more appealing to investors, potentially driving up its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
The new UK law regulating cryptocurrencies could impact the price of Ethereum. The law could lead to increased stability and trust in the market, potentially boosting Ethereum's price.
Regulation often brings stability and trust to markets. This new law could make Ethereum more appealing to investors, potentially driving up its price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
The new UK law regulating cryptocurrencies could impact the iShares MSCI United Kingdom ETF (EWU). The law could lead to increased stability and trust in the UK financial market, potentially boosting EWU's price.
Regulation often brings stability and trust to markets. This new law could make the UK financial market more appealing to investors, potentially driving up the price of EWU.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50