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.”
The UK government plans to support crypto adoption
The U.K. government outlined its legislative agenda for the next parliamentary year in the Queen’s Speech delivered 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 out by the monarch as part of the official state opening of parliament.
Speaking to both the House of Lords and the House of Commons, Prince Charles detailed numerous commitments that Her Majesty’s government will carry out. He mentioned that 22 bills will be introduced, 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 background and briefing notes of the Queen’s Speech posted on the government’s website. The purpose of this bill is to “maintain and enhance the U.K.’s position as a global leader in financial services” and “seize the benefits of Brexit,” the document details.
This bill has many benefits, including:
Exploiting the potential of new technologies in financial services. This includes support for the safe adoption cryptocurrency and the resilient outsourcing of technology providers.
The Bill will Give More Powers To Seize and Recover Crypto Assets
Another bill Prince Charles highlighted that mentioned cryptocurrency is the “Economic Crime and Corporate Transparency Bill.” This bill aims to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, ensuring we drive out dirty money from the U.K.”
The bill includes the following elements:
The ability to create powers that allow you to quickly seize and retrieve crypto assets (the main medium for ransomware) more easily.
“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 criminality,” the Queen’s Speech briefing note describes.
What do you think about the British government’s plans to support crypto adoption? Please comment below.
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