UK Highlights Plans To Adopt Crypto, And Recover Stolen Digital Assets From Criminals
The United Kingdom Government Has Plans To Encourage Cryptocurrency Adoption
In Queen Elizabeth’s Speech, which was given on the 10th of May by Prince Charles, heir to the British throne, the United Kingdom government detailed its legislature for the upcoming parliamentary year. The UK government is responsible for writing the Queen’s Speech, which is delivered when the parliament is about to be opened.
Prince Charles outlined a number of pledges that the administration of Her Majesty would carry out in a speech that was delivered to the House of Commons and Lords. He stated the government’s “goal is to build and boost the economy and lessen the living costs for citizens.” He noted that 22 laws would be presented, and he said that the legislation would be introduced soon.
As per the Queen’s Speech published on the country’s official website, one of the legislation is referred to as the “Financial Services and Markets Bill.”
According to the facts provided in the text, the objective of this legislation is to keep and improve the United Kingdom’s position as a dominant force in the financial sector as well as seize the advantages of Brexit. The bill states that:
“The benefits of modern innovations in the financial sector include securely facilitating the deployment of cryptos and maintaining stable outsourcing relationships with technology providers.”
A Bill That Will Give Authorities More Jurisdiction to Seize and Recover Cryptocurrency Assets
The “Economic Crime and Corporate Transparency Bill” was another piece of legislation that Prince Charles brought attention to because it included references to Bitcoin. The purpose of this measure is to “crack down on criminals, kleptocrats, , and terrorists who misuse our open economy,” with the ultimate goal of driving dirty money out of the United Kingdom. Prince Charles stated that the bill will;
“Give authority that will allow for the seizure and recovery of digital currencies, which are also the primary medium that is exploited by ransomware, to take place more swiftly and with less difficulty.”
Also, the United Kingdom believes that the development of a civil forfeiture authority would lessen the danger presented by people who are out to engage in fraudulent practices using cryptocurrency.
The rate of criminal activities in the crypto space have increased over the years and the United Kingdom is taking steps to ensure its citizens are protected. However, the speech did not mention a date for the issuance of a CBDC for the country.
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