The UK government’s new legislative agenda includes cryptocurrency

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TOPSHOT - Britain's Prince Charles, Prince of Wales (R) sits by the The Imperial State Crown (L) in the House of Lords Chamber, during the State Opening of Parliament, in the Houses of Parliament, in London, on May 10, 2022. - The 96-year-old monarch, who usually presides over the pomp-filled event and reads out her government's legislative programme from a gilded throne in the House of Lords, will skip the annual showpiece on her doctors' advice. (Photo by Ben Stansall / POOL / AFP) (Photo by BEN STANSALL/POOL/AFP via Getty Images)

As part of Prince Charles’ speech at the State Opening of Parliament, the United Kingdom has submitted two proposals to address the confiscation and support of digital currencies.

According to a Tuesday published from the Prime Minister’s Office, the government stated it would handle cryptocurrency legislation in the nation with the adoption of the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill. The former wants to enhance the country’s financial services economy, especially via “safe cryptocurrency adoption. Furthermore, the proposed financial services bill would reduce red tape in the financial industry to entice investors to the United Kingdom, as per the proposal.

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The criminal law recommended establishing authorities to seize and reclaim digital currencies more swiftly and easily to reduce the likelihood of ransomware attacks.  According to the newspaper, the social and economic consequences of financial crimes were assessed at £8.4 billion per year, more than $10.3 billion at the time of publishing.

Due to alleged mobility issues, Queen Elizabeth II was unable to attend the State Opening of Parliament on Tuesday for the first time since 1963. The legislative agenda addressing economic difficulties, crime, the current epidemic, and leadership was nevertheless referred to as the Queen’s Speech by the Prime Minister’s Office. 

The Queen’s address came after the UK’s Economic and Finance Ministry said in April that it would take the appropriate legislative steps to include stablecoins into its regulatory framework as part of measures to incorporate crypto assets and blockchain technology. Crypto businesses have also been urged by the Financial Conduct Authority and the Bank of England to execute the sanctions placed on Russia after the invasion of Ukraine.

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