UK Outlines Plans to Support Crypto Adoption, Create More Powers to Seize and Recover Digital Assets

Delivering the Queen’s Speech, Prince Charles outlines the British government’s plans to enactment the harmless adoption of cryptocurrencies and make “powers to much rapidly and easy prehend and retrieve crypto assets.”

UK Government Plans to Support Crypto Adoption

The U.K. authorities outlined its legislative docket for the adjacent parliamentary twelvemonth successful the Queen’s Speech delivered Tuesday by Prince Charles, the monarch’s lad and archetypal successful enactment to the throne. The Queen’s Speech is written by the authorities and work retired by the monarch arsenic portion of the authoritative authorities opening of parliament.

Speaking to some the House of Lords and the House of Commons, Prince Charles elaborate galore commitments that Her Majesty’s authorities volition transportation out. He mentioned that 22 bills volition beryllium introduced, telling parliament that the government’s “priority is to turn and fortify the system and assistance easiness the outgo of surviving for families.”

One of the bills is the “Financial Services and Markets Bill,” according to the inheritance and briefing notes of the Queen’s Speech posted connected the government’s website. The intent of this measure is to “maintain and heighten the U.K.’s presumption arsenic a planetary person successful fiscal services” and “seize the benefits of Brexit,” the papers details.

Among the benefits of this measure is:

Harnessing the opportunities of innovative technologies successful fiscal services, including supporting the harmless adoption of cryptocurrencies and resilient outsourcing to exertion providers.

Bill to Create More Powers to Seize, Recover Crypto Assets

Another measure Prince Charles highlighted that mentioned cryptocurrency is the “Economic Crime and Corporate Transparency Bill.” This measure aims to “crack down connected the kleptocrats, criminals, and terrorists who maltreatment our unfastened economy, ensuring we thrust retired soiled wealth from the U.K.”

Among the elements of the measure is:

Creating powers to much rapidly and easy prehend and retrieve crypto assets, which are the main mean utilized for ransomware.

“The instauration of a civilian forfeiture powerfulness volition mitigate the hazard posed by those who cannot beryllium criminally prosecuted but usage their funds to further criminality,” the Queen’s Speech briefing enactment describes.

What bash you deliberation astir the British government’s plans to enactment crypto adoption? Let america cognize successful the comments conception below.

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