UK Government to Support “Safe Adoption of Cryptocurrencies”

The Queen’s Speech for the State Opening of Parliament mentions two areas of interest for digital assets.

UK Government to Support “Safe Adoption of Cryptocurrencies”

Despite her Majesty’s absence from the State Opening of Parliament, the Queen’s Speech was read yesterday morning and two crucial areas of improvement for cryptocurrencies in the country were mentioned.

The speech mentions the new Financial Services and Markets Bill, which, among else, accounts for “the safe adoption of cryptocurrencies” and cutting the red tape in the financial sector. Overall, the bill is aimed at providing an easier and safer way for UK citizens to manage their finances, including crypto.

The second new piece of legislature that was mentioned has to do with fighting cybercrime and digital asset thefts. The Economic Crime and Corporate Transparency Bill targets mitigating risks that investors face from ransomware attacks.

The estimated economic cost that comes from financial crimes is said to be £8.4 billion annually, according to the speech. Digital assets are no exception to fraud and exit schemes and the new bill will aim to “[create] powers to more quickly and easily seize and recover crypto assets.”

The new bills were introduced by The Prince of Wales, The Duchess of Cornwall, and The Duke of Cambridge on the Queen’s behalf who was unable to attend due to reported mobility issues.

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