The United Kingdom is currently making plans to introduce legislation to provide support for cryptocurrencies by regulating their use in the country. It will also provide British authorities with more power to seize crypto assets used in facilitating criminal activities.
These new developments, among other important issues, were revealed by Prince Charles during his remarks at the official State Opening of Parliament. In the publication released by the UK Prime Minister's Office on Tuesday, the government noted that it will introduce two new bills to deal with the support and seizure of cryptocurrencies.
While The Queen was noticeably absent for the first time during the State Opening of Parliament due to reported mobility issues, the legislative agenda was still addressed as "The Queen's Speech".
The UK Moves to Support Crypto Adoption
The first bill dubbed the Financial Services and Markets Bill will be geared toward maintaining and strengthening the UK's position as a global leader in the financial services industry.
The bill seeks to harness the various opportunities presented by innovative technologies, "including supporting the safe adoption of cryptocurrencies and resilient
outsourcing to technology providers."
As part of the objectives of this bill, the UK government will create new regulations that are suited for the country's cryptocurrency market. Per the publication, the proposed bill will "[cut] red tape in the financial sector" to attract both local and foreign investors to the UK.
Creating clear regulations will go a long way to improve the current state of the UK crypto market, considering that murky regulation is one of the major issues hampering the mainstream adoption of crypto in the UK.
Authorities to Receive More Power to Seize Crypto
The second bill dubbed the Economic Crime and Corporate Transparency Bill is targeted at cracking down on illegal financing in the country, including seizing crypto used for ransomware.
The proposed legislation intends to "[create] powers to more quickly and easily seize and recover crypto assets" in a conscious effort to mitigate risks for individuals targeted by ransomware attacks. According to the publication, the social and economic costs accrued due to financial crimes in the UK were estimated to be at £8.4 billion annually.
The crime bill also includes a civil forfeiture power that will be granted to those who cannot be criminally prosecuted.