UK outlines plans to support cryptocurrency adoption, create more powers to seize and recover digital assets
Delivering the Queen’s speech, Prince Charles outlines the British government’s plans to support the safe adoption of cryptocurrencies and create “powers to more quickly and easily seize and recover crypto assets.”
UK Government Plans to Support Cryptocurrency Adoption
The UK government outlined its legislative agenda for the coming parliamentary year in the queen’s speech delivered on Tuesday by Prince Charles, the monarch’s son and first in line to the throne. The queen’s speech is written by the government and read by the monarch as part of the official opening of parliament.
Speaking to both the House of Lords and the House of Commons, Prince Charles detailed numerous commitments to be carried out by His Majesty’s government. He mentioned that 22 bills will be presented and told parliament that the “government’s priority is to grow and strengthen the economy and help alleviate the cost of living for families.”
One of the bills is the “Financial Services and Markets Bill”, according to the background and briefing notes of the Queen’s Speech posted on the government website. The purpose of this bill is “to maintain and improve the position of the United Kingdom as a world leader in financial services” and “to take advantage of the benefits of Brexit”, the document details.
Among the benefits of this bill are:
“Seize the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.”
Bill to create more powers to seize and recover crypto assets
Another bill that Prince Charles highlighted that mentioned cryptocurrency is the “Corporate Transparency and Economic Crimes Bill.” This bill aims to “clam down the kleptocrats, criminals and terrorists who abuse our open economy, ensuring we remove dirty money from the UK”.
Among the elements of the bill are:
“Create powers to more quickly and easily seize and recover crypto assets, which are the primary means used for ransomware.”
“The creation of a civil forfeiture power will mitigate the risk posed by those who cannot be criminally prosecuted but use their funds to further crime,” describes the Queen’s Speech briefing note.
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