July 4 (Cointime) - The UK has taken a step towards increasing regulatory clarity for cryptocurrencies with the final approval of the Financial Services and Markets Act (FSMB) 2023. The bill enables regulators to create a framework for the safe adoption of crypto in the UK and empowers the HM Treasury to establish crypto regulations.

Stablecoin issuer Circle's vice president for policy and regulatory strategy, Teana Baker-Taylor, praised the bill's passage and explained that it designates crypto as regulated activity and supervision of crypto promotions. The CEO of Circle, Jeffrey Allaire, believes the bill will result in clearer rules for stablecoins and the broader digital asset market.