A law in the UK that gives regulators the power to oversee crypto and stablecoins was approved by King Charles on Thursday, making it the final official stage in creating the bill.

The royal assent is only a procedural step following the agreement of lawmakers and includes measures to regulate crypto assets while making the Financial Services and Markets Act a Law. The law was approved by the upper house of Parliament last week.
According to Financial Services Minister Andrew Griffith's statement, this Act allows us to "check your financial services rulebook" and enables the UK to enforce regulations to safely support the adoption of cryptoassets after leaving the EU.
The law, introduced in July 2022, gives regulators greater powers to the financial system, including crypto. While the law was being debated in Parliament, amendments were made to treat all crypto as a regulated activity and to oversee crypto promotions. Also, the law will include stablecoins under the rules of payments.
The UK Treasury, the Financial Conduct Authority, the Bank of England and the Payment Systems Regulator will then be able to establish and enforce rules to regulate the industry.
The Treasury has been consulting on the rules it has proposed for the industry since February, in line with the Conservative Government's goal of transforming the country into a crypto hub.
Economy Minister Andrew Griffith said in April that new special rules for the crypto sector could come in 12 months.
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