UK House of Lords passes bill to seize stolen crypto

A measure that aims to grow the quality of authorities successful the United Kindom to people illicit cryptocurrency usage has been pushed to the last stages for support by the House of Lords. 

The Economic Crime and Corporate Transparency Bill was introduced successful September 2022, chiefly aimed astatine tackling crypto-related fiscal crimes. Over the past year, the measure made its mode from the House of Commons to the House of Lords, which present resides successful the last stages of approval.

The Economic Crime and Corporate Transparency Bill progress. Source: bills.parliament.uk

During the review, the House of Lords agreed connected definite amendments to clarify its intent of targeting monetary proceeds from fraud oregon different fiscal crimes. In addition, the measure besides aims to acceptable provisions for firm transparency and overseas concern registrations.

At the last stage, the UK Parliament volition either determine to judge the projected amendments oregon urge changes to the bill. Following the approval, the measure volition beryllium signed into instrumentality done royal assent, a method by which a monarch formally approves an enactment of the legislature.

Related: Weak contention successful AI contention could wounded consumers — UK watchdog

UK’s fiscal regulator, the Financial Conduct Authority (FCA), precocious revealed its willingness to enactment with crypto companies to make a much-awaited regulatory model for the industry.

In her code astatine #CityWeek2023, Sarah Pritchard spoke astir the regularisation of #cryptocurrency and however effectual aboriginal engagement tin enactment regularisation that benefits all. https://t.co/w6Zv6K5FP1

— Financial Conduct Authority (@TheFCA) April 25, 2023

Speaking astatine the London’s City Week conference, FCA Executive Director Sarah Pritchard said:

“Let’s enactment together, to signifier our rules and regulations to payment markets, consumers and firms arsenic crypto goes from niche to mainstream.”

Pritchard noted the FCA’s responsibilities are constricted to making definite that crypto firms that run successful the U.K. comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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