United Kingdom Introduces Two New Bills For Cryptocurrency

A couple of bills have been introduced by the United Kingdom and both deal with the support as well as the seizure of crypto as included in the remarks of Prince Charles at the Parliament’s State Opening. In a publication released on the behalf of the Office of the U.K.’s Prime Minister on Tuesday, the government assured to take into consideration the crypto regulation throughout the country along with the launch of the Economic Crime and Corporate Transparency Bill as well as the Financial Services and Markets Bill.

The attention of the latter would be directed toward the fortification of the country’s industry of financial services, taking into account the provision of support for the crypto’s secure adoption. As per the recommended law for financial services, the respective move will attempt to allure additional investors to the industry of the United Kingdom.

As per the recommendation of the crime bill, the authorities are suggested to formulate powers to conveniently and more rapidly seize as well as redeem the crypto assets, minimizing the hazards posed to the people who are taken by the ransomware parties as their victims. The publications pointed out that the economic and social costs caused by the financial crimes were approximately £8.4B per annum (above $10.3B as witnessed at the publication’s time).

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The State Opening of Parliament on Tuesday was the initial time when the Queen could not be present since 1963 because of some reported mobility issues. Nonetheless, the Office of the Prime Minister still cited the legislative framework dealing with leadership, the ongoing pandemic, crime, and economic problems according to the speech of the Queen. Cornwall’s Duchess and Prince William were additionally present at the occasion.

The Economic and Finance Ministry of the United Kingdom announced in April that it had the plans to act upon some adequate legislative moves to make stablecoins a part of the regulatory agenda thereof as included in a series of actions the main objective of which would be to incorporate blockchain technology and crypto-assets.

After this, the Queen’s speech was presented in which the above-mentioned bills to seize, recover, as well as support crypto assets, were presented. The FCA (Financial Ministry Authority) and BoE (Bank of England) have additionally ordered the crypto platforms to implement the sanctions that have been imposed on Russia after it started invading Ukraine.