King Charles approved a U.K. law Thursday that gives regulators the authority to supervise crypto-currencies and stablecoins. This is the final formal step before the bill becomes law.

The Financial Services and Markets Bill becomes an Act after receiving royal assent. This is a procedural step that follows agreement by lawmakers. It includes measures to bring stablecoins and crypto into the scope for regulation. Last week, the upper chamber of parliament approved the bill.

In a press release, Financial Services Minister Andrew Griffith said that the Act “gives control to our financial services rulesbook” following the U.K. exit from the EU. This will enable regulation of crypto assets in order to support their adoption safely in the U.K.

While the bill was being debated in Parliament, amendments were added to treat all crypto as a a href=”https://www.coindesk.com/policy/2022/10/25/uk-lawmakers-vote-to recognize/a> regulated/a> activity and supervise ‘proposed uk rules will make advertising crypto incredibly difficult, industry warns/ As the bill was being debated in parliament, amendments were made to include all crypto as regulated activities and supervise cryptocurrency promotions. The bill also brings stablecoins within the scope of payment rules.

Soon, the U.K. Treasury, Financial Conduct Authority (FCA), Bank of England and Payments System Regulator, will be able introduce and enforce regulations to regulate this sector.

Treasury has been consulting since February on proposed rules in the crypto sector, as part of the Conservative Government’s goal to make the country a hub. Griffith, who spoke to CNBC back in April, said that new rules specific to the crypto industry could be implemented within 12 months.

Read more: UK Cryptofirms to get Broad Laws and May Need New Authorization

Sandali Handagama is the editor.