UK Outlines Plans to Support Crypto Adoption, Create More Powers to Seize and Recover Digital Assets – Regulation Bitcoin News

Bitcoin.com

Delivering the Queen’s Speech, Prince Charles outlines the British government’s plans to support the safe adoption of cryptocurrencies and create “powers to more quickly and easily seize and recover crypto assets.”

UK Government Plans to Support Crypto Adoption

The U.K. government outlined 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. The Queen’s Speech is written by the government and read out by the monarch as part of the official state opening of parliament.

How To Get Free Crypto  

Speaking to both the House of Lords and the House of Commons, Prince Charles detailed numerous commitments that Her Majesty’s government will carry out. He mentioned that 22 bills will be introduced, telling parliament that the government’s “priority is to grow and strengthen the economy and help ease the cost of living for families.”

One of the bills is the “Financial Services and Markets 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

Another bill Prince Charles highlighted that mentioned cryptocurrency is the “Economic Crime and Corporate Transparency Bill.” This bill aims to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, ensuring we drive out dirty money 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 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.

Coinbase Banner  
Tags in this story
adoption of cryptocurrency, Bitcoin, british government, british queen, Crypto, Cryptocurrency, house of commons, house of lords, parliament, prince charles, queen, queen’s speech

What do you think about the British government’s plans to support crypto adoption? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.