Delivering the Queen’s Speech, Charles outlines Brits government’s plans to support the safe adoption of cryptocurrencies and make “powers to additional quickly and simply seize and recover crypto assets.” 


UK Government Plans to Support Crypto Adoption


The U.K. government made public its legislative agenda for the next parliamentary year within the Queen’s Speech delivered Tuesday by Prince Charles, the monarch’s son and initial in line to the throne. The Queen’s Speech is written by the government and read out by the monarch as a part of the official state opening of parliament. 

Speaking to each the House of Lords and also the House of Commons, Prince Charles elaborate varied commitments that Her Majesty’s government can perform. He mentioned that twenty two bills are introduced, telling parliament that the government’s “priority is to grow and strengthen the economy and facilitate ease the price of living for families.” 

One of the bills is that the “Financial Services and Markets Bill,” in line with the background and informing notes of the Queen’s Speech denote on the government’s web site. the aim of this bill is to “maintain and enhance the U.K.’s position as a world leader in money services” and “seize the advantages of Brexit,” the document details. 

Among the advantages of this bill is: 

Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.

Another bill prince charles highlighted that mentioned cryptocurrency is that the “Economic Crime and company Transparency Bill.” This bill aims to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, guaranteeing we drive out loot from the U.K.” 

Among the elements of the bill is: 

Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.

“The creation of a civil forfeiture power can mitigate the chance display by those that can't be criminally prosecuted however use their funds to more criminality,” the Queen’s Speech briefing note describes. 

( Kevin Helms, Bitcoin.com, 2022 )