The Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill will address the country’s crypto regulation. This is according to a new publication from the U.K. Prime Minister’s Office. The former wants to enhance the country’s financial services economy, especially through “safe cryptocurrency adoption.”
As part of Prince Charles’ speech at the State Opening of Parliament, the U.K. has tabled two proposals. This addressed the confiscation and backing of cryptocurrencies.
‘Safe adoption of cryptocurrencies’ a concern in U.K.
The proposed financial services bill states that it will “[cut] red tape in the financial sector” in order to attract investment to the U.K.
To reduce risks for persons targeted by ransomware attacks, the criminal bill recommended “creating powers to more quickly and easily seize and recover crypto assets.” According to the publication, the social and economic costs of financial crime are projected to be £8.4 billion per year — more than $10.3 billion.
All eyes on crypto
The Queen’s Speech came after the UK’s Economic and Finance Ministry announced in April that it would “take the necessary legislative steps” to incorporate stablecoins into its regulatory framework as part of a “package of measures” to incorporate crypto assets and blockchain technology.
Due to alleged mobility issues, Queen Elizabeth II was unable to attend the State Opening of Parliament. This is the first time since 1963. Prince William and the Duchess of Cornwall were also in attendance. Meanwhile, the Prime Minister’s Office referred to the legislative agenda. Wherein, it tackled economic difficulties, crime, the ongoing epidemic, and leadership as “the Queen’s Speech.”
Apart from the safe adoption of cryptocurrencies, the Financial Conduct Authority and the Bank of England have also urged cryptocurrency firms to implement the sanctions placed on Russia following the invasion of Ukraine, which began on Feb. 24.