UK Government Policy Agenda Targets Safe Crypto Adoption in the Region Through Two New Bills

The new regulations aim to protect consumers and ensure that cryptocurrencies are used in a safe and responsible manner.

UK Government Policy Agenda Targets Safe Crypto Adoption in the Region Through Two New Bills

Photo Credit: Pixabay/ CryptoStock

The United Kingdom is setting the stage for crypto-friendly regulations

  • Prince Charles read out the Queen’s Speech for the first time
  • UK’s government will introduce a bill to tackle illicit finance
  • The government has introduced a bill that looks into crypto adoption

The UK has introduced two new bills that target the cryptocurrency industry — the first bill which aims to support the "safe adoption of cryptocurrencies," while a second that would give the government authority to "seize and recover crypto assets." The UK government outlined its legislative agenda for the next parliamentary year in the Queen's Speech delivered Tuesday by Prince Charles. The monarch's son read out the Queen's Speech for the first time, as the Queen was unable to attend.

The first of the two bills, dubbed the 'Financial Services and Markets Bill', is meant to "maintain and enhance the UK's position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country," as stated by Prince Charles in the Queen's speech. The new legislation will help usher in a competitive marketplace for several industry players while creating an avenue for the efficient utilisation of capital.

The second bill, called the 'Economic Crime and Corporate Transparency Bill', has been constructed in response to the growing number of scams and thefts involving cryptocurrencies. "A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow. Measures will be introduced to support the security services and help them protect the United Kingdom," Prince Charles said in the speech read out by him.

“The creation of a civil forfeiture power will mitigate the risk posed by those who cannot be criminally prosecuted but use their funds to further criminality,” the Queen's Speech briefing note describes.

The speech also highlighted a focus on the economy and on helping with the cost of living in the midst of the recent cost of living crisis. Further, the Bank of England, the UK's central bank, will focus on returning inflation to its target.

Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Big Tech Companies and Governments’ Tussle of Power Represents Complex Interplay of Authority
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.