UK to Support Crypto Adoption, Empower Seizure and Recovery of Digital Assets
Prince Charles who delivered the Queen's Speech summed up 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.”
UK Government Plans to Support Crypto Adoption
The U.K. government delineated its legislative agenda for the next parliamentary year in the Queen’s Speech delivered on 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 clarified on numerous commitments that Her Majesty’s government will accomplish. He mentioned that 22 bills will be inducted, 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.
Benefits of the Bill
"Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers."
Bill to Create More Powers to Seize, 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.”
Elements of the Bill
Creating powers to more quickly and easily to seize and recover crypto assets, which are the principal medium used for ransomware.
“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.
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