In his Queen’s speech, Prince Charles outlined the UK government’s plans to support the safe adoption of cryptocurrencies and create “the power to seize and recover crypto assets faster and easier.”
UK government plans to support cryptocurrency adoption
The UK government has outlined its legislative agenda for the next parliamentary year in the Queen’s address, delivered by the Queen’s son, Prince Charles, 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.
Addressing the House of Lords and the House of Commons, Prince Charles detailed a number of commitments Her Majesty’s Government will deliver. He mentioned 22 bills would be tabled and told parliament that the government’s “priorities are to grow and strengthen the economy and help reduce the cost of living for families.”
According to the background and briefing, one of the bills is the Financial Services and Markets Act notes Queen’s speech published on government website. The purpose of the bill is to “maintain and strengthen the UK’s position as a global leader in financial services” and “seize the benefits of Brexit,” the document details.
Benefits of the Act include:
Leverage opportunities for innovative technologies in financial services, including enabling secure adoption of cryptocurrencies and resilient outsourcing to technology providers.
Bill Creates More Powers to Seize, Recover Crypto Assets
Another bill that Prince Charles highlighted that mentions cryptocurrencies is the Economic Crime and Corporate Transparency Act. The bill aims to “fight thieves, criminals and terrorists who abuse our open economy and ensure we keep dirty money out of the UK”
The bill includes:
Create the ability to acquire and recover crypto assets faster and easier, the primary vector used for ransomware.
“The establishment of civil forfeiture powers will mitigate the risk posed by those who cannot be criminally prosecuted but use their funds to further crime,” the Queen’s speech briefing described.
What do you think of the UK government’s plans to support crypto adoption? Let us know in the comments section below.
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