Prince Charles outlines the British Govt’s plans to support the safe adoption of cryptocurrencies

Prince Charles outlines the British Govt’s plans to support the safe adoption of cryptocurrencies
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PEOPLE/Economy

Prince Charles outlines the British Govt’s plans to support the safe adoption of cryptocurrencies

In the Queen's Speech, Prince Charles discusses the British government's plans to assist the safe adoption of cryptocurrencies and provide "powers to more quickly and easily seize and recover crypto assets."

05/15/2022

The U.K. revealed its legislative agenda for the next parliamentary year in the Queen’s Speech, delivered Tuesday by Prince Charles, the monarch’s son and first in line to the throne, Bitcoin News reported.

The government writes the Queen’s Speech, which is read out by the monarch as part of the ceremonial state opening of parliament.

Prince Charles listed various commitments that Her Majesty’s government will carry out in both the Houses of Lords and the Houses of Commons.

He stated that 22 bills will be filed, adding that the government’s “goal is to build and strengthen the economy and help families reduce the cost of living,” according to the report.

Harnessing the opportunities of innovative technologies in financial services

One of the bills is the “Financial Services and Market Bill,” according to the background and briefing notes of the Queen’s Speech posted on the government’s website. The purpose of this bill is to “maintain and enhance the U.K.’s position as a global leader in financial services” and “seize the benefits of Brexit,” the document details.

Among the benefits 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.”

Bill to Create More Powers to Seize, Recover Crypto Assets

The “Economic Crime and Corporate Transparency Bill,” which Prince Charles noted, aims to “crack down on the kleptocrats, criminals, and terrorists who misuse our open economy, ensuring we drive out dirty money from the UK.”

Among the bill is:

“Enabling more rapid and easy seizure and recovery of crypto assets, which are the primary medium exploited by ransomware.”

“The creation of a civil forfeiture power will limit the risk posed by people who cannot be criminally punished yet use their funds to pursue criminality,” according to the briefing note for the Queen’s Speech.

By Elah Mae Ariate Wozinga Staff

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