UK’s Financial Services and Markets Act 2023, which had already been approved by the upper house of Parliament on 19 June, was officially granted Royal Assent by King Charles on 29 June. The new law recognises cryptocurrency trading as a regulated financial activity, and defines crypto assets as “cryptographically secured digital representation of value or contractual rights”. Andrew Griffith, Economic Secretary to the Treasury, believed that the new legislation could stimulate growth and boost investment. The new law will also implement the Edinburgh Reforms, covering more than 30 reforms to financial regulation. These include providing tax incentives for investment managers dealing with crypto assets.