UK Government Targets Crypto In Latest Legislative Agenda!

• Turner Wright
• 11 May, 2022

The Queen’s Speech for the State Opening of Parliament included bills supporting “the safe adoption of cryptocurrencies" and the authority to "seize and recover crypto assets.”

The United Kingdom has introduced two bills concerning the seizure of and support for cryptocurrencies as part of Prince Charles' remarks at the State Opening of Parliament.

In a Tuesday publication released by the U.K. Prime Minister’s Office, the government said it would address crypto regulation in the country by introducing the Financial Services and Markets Bill and the economic Crime and Corporate Transparency Bill.

The former aims to strengthen the country’s financial services industry by supporting “the safe adoption of cryptocurrencies.”
 

According to the proposed financial services law, the measure will “[cut] red tape in the financial sector” in an effort to attract investors to the United Kingdom.

The crime bill proposed “creating powers to more quickly and easily seize and recover crypto assets” to mitigate risks for individuals targeted by ransomware attacks.

The publication said the social and economic costs due to financial crimes were estimated at £8.4 billion annually — more than $10.3 billion.

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Tuesday’s State Opening of Parliament was the first time Queen Elizabeth II was unable to attend since 1963 due to reported mobility problems.

However, the Prime Minister’s Office still referred to the legislative agenda addressing economic issues, crime, the ongoing pandemic, and leadership as “the Queen’s Speech.” Prince William and the Duchess of Cornwall were also in attendance.

The Queen’s speech followed the United Kingdom's Economic and Finance Ministry, declaring that it intended to “take the necessary legislative steps” in April.

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In order to bring stablecoins into its regulatory framework as part of a “package of measures” to incorporate crypto assets blockchain technology.

The Financial Conduct Authority and Bank of England have also called for crypto firms to enforce the sanctions imposed on Russia following the invasion of Ukraine. (Investing.com)