The UK Government's New Legislative Agenda Includes Crypto

2022-05-11 | Selina Mathew

The UK Government's New Legislative Agenda Includes Crypto

Bills promoting "the safe adoption of cryptocurrencies" as well as the right to "seize and reclaim crypto assets" were included in the Queen's Speech for the State Opening of Parliament.

As part of Prince Charles' speech at the State Opening of Parliament, the United Kingdom has submitted two proposals, both of which address the confiscation and support of cryptocurrencies.

The government stated it will handle crypto legislation in the nation with the adoption of the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill, according to a Tuesday published from the Prime Minister's Office. The former wants to enhance the country's financial services economy, especially through "safe cryptocurrency adoption." The proposed financial services bill will "[reduce] red tape in the financial industry" in order to entice investors to the United Kingdom, according to the proposal.

To reduce the likelihood of ransomware attacks, the crime law recommended "establishing authorities to more swiftly and easily seize and reclaim crypto assets." The social and economic consequences of financial crimes were assessed at £8.4 billion per year, more than $10.3 billion at the time of publishing, according to the newspaper.

Due to alleged mobility issues, Queen Elizabeth II was unable to attend the State Opening of Parliament on Tuesday for the first time since 1963. The legislative agenda addressing economic difficulties, crime, the current epidemic, and leadership was nevertheless referred to as "the Queen's Speech" by the Prime Minister's Office. The Duchess of Cornwall and Prince William were also present.

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