ARTICLE · 13 JULY 2023

The Financial Services And Markets Act 2023 And Its Implications For Cryptocurrencies

International Economics Consulting Ltd.

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The FSMA 2023 received Royal Assent to become law on 29 June 2023. According to the Government, the Act will support the vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.

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What is the Financial Services and Markets Act 2023?

The Financial Services and Markets Act (FSMA) 2023 received Royal Assent to become law on 29 June 2023. According to the Government, the Act will support the vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector. The major reforms brought about by the Act include the enhancing authority of the financial services regulators; the removal of unnecessary restrictions on wholesale markets; the introduction of protections for victims of Authorised Push Payment scams; the inclusion of cryptoassets in the regulations to support their safe adoption in the UK; and the establishment of 'sandboxes' to facilitate the use of new technologies such as blockchain in financial markets.¹

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