Delivering the Queen’s Speech, Prince Charles outlines the UK 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 Crypto Adoption
The British government set out its legislative program for the next parliamentary year in the Queen’s Speech delivered on Tuesday by Prince Charles, son of the monarch 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.
Addressing both the House of Lords and the House of Commons, Prince Charles detailed many of the commitments Her Majesty’s Government will implement. He mentioned that 22 bills will be tabled, telling parliament that the “government’s priority is to grow and strengthen the economy and help ease the cost of living for families.”
One of the bills is the ‘Financial Services and Markets Bill’, according to the Queen’s Speech briefing and briefing notes published on the government’s website. The objective of this bill is to “maintain and strengthen the UK’s position as a world leader in financial services” and to “seize the benefits of Brexit”, details the document.
Some of the benefits of this bill include:
Harness the opportunities of innovative technologies in financial services, including supporting 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 pointed out that mentions cryptocurrency is the “Economic Crime and Corporate Transparency Bill.” This bill aims to ‘crack down on kleptocrats, criminals and terrorists who abuse our open economy, ensuring we drive dirty money out of the UK’
Among the elements of the bill are:
Create powers to more quickly and easily seize and recover crypto assets, which are the main medium used for ransomware.
“The creation of a power of civil forfeiture will mitigate the risk posed by those who cannot be criminally prosecuted but use their funds to aggravate crime,” the Queen’s Speech briefing note describes.
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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