Steps Have Been Taken, The UK Will Recognize Crypto As A Financial Asset!

<p>&nbsp;"Even the EU is not as fast as this, will the UK lead the crypto market in the future?"</p><p><br /></p><p>Acting proactively, the United Kingdom (UK) wasted no time in strengthening its financial ecosystem after the Financial Services and Markets Bill (FSMB) received Royal Assent.</p><p><br /></p><p>The UK Government strongly believes that the FSMB will play an important role in delivering on their vision to grow the economy and create a technologically advanced financial services sector.</p><p><br /></p><p>In addition, the FSMB that wants to support the use of cryptocurrencies will also label regulated digital assets as financial assets.</p><p><br /></p><p><br /></p><p>The follow-up to the release of the regulations is the biggest subject in the United States (US) but the apparent progress in the UK, many are beginning to worry that the US may be lagging behind in embracing futuristic innovation.</p><p><br /></p><p>However, it should be noted that the newly signed FSMB in the UK is very strong as it facilitates the use of new technologies such as blockchain and financial markets.</p><p><br /></p><p>The string, the UK is now said to have succeeded in showing a good example to other countries that intend to regulate the crypto ecosystem but are still not sure what action they should take.</p><p><br /></p><p>Although the European Union (EU) has also made progress in regulating digital assets through the Market in Crypto Assets (MiCA) regulation, the UK remains ahead of them as its move to implement the FSMB is faster.</p><p><br /></p><p>While the FSMB is reported to be the UK's most decisive step to achieve the goal of Prime Minister Rishi Sunak who has always expressed his desire to make the country a crypto hub.</p>