When delivering the Queen’s Speech, Prince Charles highlighted the British administration’s plan to create a safe environment for the adoption of cryptos to create more powers to easily seize and recover crypto assets.
UK Administration Targets to Support Crypto Adoption
The UK government has listed its agenda for the next year in the Queen’s Speech, which was read by Prince Charles, the Monarch’s son. The speech is prepared by the government and read by the Monarch as part of the official state of the starting of the parliamentary year.
Speaking to both the House of Commons and House of Lords, Prince Charles highlighted several commitments that Her Majesty’s government would carry out. He mentioned that 22 bills would be introduced, explaining to the parliament that the administration’s priority would be growing and strengthening the UK economy. She also emphasized the need to ease the cost of living in the country.
One of the bills which were listed by Prince Charles was the “Financial Services and Markets Bill.” This bill is aimed at helping to maintain and enhance the country’s position as a global leader in financial services. It also focuses on accelerating the UK’s ability to seize the benefit of BREXIT.
One of the benefits of the Financial Services and Markets Bill, as highlighted in Her Majesty’s Speech, is:
“Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers …”
Bill to Make Seizure and Crypto Recovery Easier
Another notable bill that touched on cryptocurrencies was the “Economic Crime and Corporate Transparency Bill.” The bill targets to crack down on terrorists, criminals, and kleptocrats who focus on abusing our open economy. It also targets to keep out dirty money. One of the components of this bill is:
“Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”
The speech added that the creation of a civil forfeiture power would help to reduce the risk from those who cannot be criminally prosecuted but use their money to advance criminality.
