UK Plans For Crypto Adoption; Powers to Seize & Recover Crypto Assets
The Government of the U.K’s plans for the safe adoption and easy recovery of crypto assets is outlined in the Queen’s speech. Which creates more power to quickly and easily seize and recover crypto assets.
As outlined in the Queen’s speech, Prince Charles delivered the next parliamentary legislative agenda of the U.K, on Tuesday. The queen’s speech was actually written by the government and read by the Monarch as part of the official state of parliament opening.
Prince Chragles further details her speech to both House of Lords and House of Commons, that it will carry out numerous commitments of her majesty’s government. The introduction of 22 bills in the speech shows the government’s priority to grow and strengthen the economy and ease the cost of living for families.
According to the briefing notes of the bill mentioned in the queen’s speech on the government website, which is known as the “Financial Services and Markets Bill ”. This serves to maintain and enhance the U.K’s position as a global leader in financial services, and seize the benefits of Brexit.
Among Bill’s benefits: “Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.”
Bill to Boost the Power to Seize, Recover Crypto Assets
Another bill highlighted by Prince Charles is the ” Economic Crime and Corporate Transparency Bill” which intends to attack criminals, Kleptocrats, and terrorists. It helps to drive out dirty money from one who abuses the open economy. The elements of this bill state that :
“Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”
The queen’s speech further describes that the creation of a civil forfeiture power will migrate the risk associated with one who cannot be criminally prosecuted, but the funds used by them can be considered criminality.Source