British crypto law on the way

Cryptocurrencies will soon be subject to the same rules in the United Kingdom as traditional asset classes. All that is missing now is royal approval.

A British Bill to regulate cryptocurrencies is about to be adopted.

The Financial Services and Markets Bill, passed June 19 by the upper chamber of the British Parliament, is intended to increase legal clarity and support the adoption of cryptocurrencies in the country.

The new law gives the Treasury, the Bank of England and regulators the power to introduce and enforce regulations on crypto companies.

The bill now awaits King Charles' approval, the final step before the new rule goes into effect.

While US regulators cracking down on crypto sector, the British say they are open in principle to the sector.

It is hoped that clear regulations will encourage more innovation and blockchain companies to locate in the country. Recently, the influential and crypto-friendly venture capital firm Andreessen Horowitz announced it would open its first new office outside the U.S. in London.