The Steps of the United Kingdom towards Becoming a Center
The United Kingdom’s post-Brexit journey in 2023 will accelerate after it leaves the EU payments and crypto regulations.
The Financial Services Bill is expected to go into effect this spring. In April 2022, UK Prime Minister Rishi Sunak first announced the country’s goals:
“Make the United Kingdom a global hub for technology and investing in crypto assets.”
Although there has been little progress towards this goal since then, the last months of 2022 have seen a gradual shift in the right direction.
The Financial Services and Markets Bill (FSM Bill) received several amendments related to digital assets in October 2022. If this bill passes as expected, it will give the FCA the power to regulate stablecoins and other types of digital assets.
The Autumn Statement, released in mid-November 2022, highlighted the new Chancellor’s commitment to supporting the growing technology sector. The Edinburgh Amendment reiterated this commitment in December 2022, setting out a stream of specific digital infrastructure the government is pursuing as part of its financial services reform plan.
The Wrong Way Forward for Crypto Rules
However, the path leading to cryptocurrency regulation in the UK will be uneven in 2023. The United Kingdom will make its exit from European payments and crypto regulations due to Brexit.
The Financial Services and Markets Bill (FSMB), which aims to give regulators more control over cryptocurrency, is expected to become law next spring. The FSMB has been debated in the House of Commons, and its second reading in the House of Lords is set for January 10.
It will then be brought back to the House of Commons. Once both houses agree, the bill will be sent to King Charles III, who can sign it into law before it becomes law. The bill could give the Bank of England, the country’s central bank, the power to regulate crypto used for payments and stablecoins.
What Will 2023 Look Like in The United Kingdom?
The Economic Secretary at the UK Treasury, Andrew Griffith, recently spoke at the UK Finance Committee hearing about payment technology and CBDC. He said that the UK government fully supports a stablecoin for the banking community.
A third-party issuer will issue a stablecoin, rather than a government. Griffith also said that a draft of the CBDC will be issued “within weeks, not months,” another step forward in crypto-regulation. This year, the government will organize at least six roundtables with representatives of the cryptocurrency industry.
Different traditional statements about Cryptoceen gentielaphy has shown in the United Kingdom, the largest country of the digital resource during the media. It is a digital digital in Western Europe by the volume of business (233 and July 2022).