The UK Financial Services and Markets Act has been approved as law, recognizing cryptocurrency as a regulated financial activity.

According to BlockBeats news on June 29th, the Financial Services and Markets Act (FSMB) has become law after being approved by the UK's Prince Charles. The bill, which was approved by the House of Lords last week, recognizes cryptocurrency as a regulated activity and stablecoins as a means of payment under existing law. The law will be launched in July 2022, granting regulatory authorities greater powers over the financial system, including cryptocurrency. Although the bill was debated in parliament, amendments were added to classify all cryptocurrencies as regulated activities and supervise the promotion of cryptocurrency. The law also includes stablecoins in the scope of payment rules. The UK's Treasury, Financial Conduct Authority, Bank of England, and Payment Systems Regulator will soon be able to introduce and enforce rules to regulate the industry.