UK Government To Establish Legislation For Crypto Adoption

The Speech of UK’s Queen includes an introduction to a bill that aims to support the adoption of crypto. In addition, the bill also supports the seizure and recovery of crypto assets.

As of Tuesday, the United Kingdom government has introduced two bills. The bills have to do with the crypto adoption and the worries of crypto seizure. The introduction of these bills was part of Prince Charle’s remarks at the State Opening of Parliament.

Following that, the government will work on the issues regarding crypto regulation. Additionally, it will focus on the Financial Services, Markets Bill, and the Economic Crime and Corporate Transparency Bill. By implementing these services, most believe that the financial services market will get stronger. In order to reach this goal, there comes the point of the cryptocurrencies adoption. Moreover, this strategy will attract investors in the United Kingdom. 

The Crime Bill

Diving into the crime bill, it represents some key points. As reported, the bill suggests creating a faster way that aims to ease the seizure and the recovery of crypto assets. This will be established to help individuals that might be the target by different ransomware attacks.

In terms of social and economic costs, they were estimated at £8.4 billion annually. This is more than $10.3 billion. All of these costs are a result of financial crimes. 

On the other hand, the Queen was unable to attend the State Opening of Parliament on Tuesday for the first time since 1963. The main reason was some mobility issues. Nonetheless, the Prime Minister’s Office still called the legislative agenda for economic difficulties, crime, the current epidemic, and leadership as “the Queen’s Speech.”. In this opening, attendees included Prince William and the Duchess of Cornwall.

Furthermore, the “package of actions” means to incorporate crypto assets and blockchain technology. In regard, the UK’s Economic and Finance Ministry stated in April that it would take the appropriate legislative procedures to implement stablecoins into its regulatory framework. Given these points, the Financial Conduct Authority and the Bank of England have urged crypto businesses to execute the sanctions placed on Russia after the invasion of Ukraine.